Why Buy A Home This Winter? 4 Reasons!

Dated: 12/03/2018

Views: 178

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase 

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Latest Blog Posts

Why 2019 Is Being Called the Best Time to Buy a Luxury Vacation Home

“We are seeing sales up in the resort areas, including Hawaii and Vail,” Stephanie Anton, president of Luxury Portfolio International, told forbes.com. She notes that sales and prices in

Read More

Why Seniors Are Taking the Heat for the Housing Shortage

Seniors choosing to age in place—staying put in their current homes—are creating a barrier to young adults buying their first homes, according to Freddie Mac’s February Insight.

Read More

Better Perspective on Affordability

Headlines spotlight the fact that buying a home is less affordable today than it was at any other time in more than a decade. Those headlines are accurate.Understandably, buying a home is more

Read More

3 Must-Do's Before Listing Your House for Sale

When it comes to first impressions, the little things make all the difference.Planning to sell your house this year? Now’s the perfect time to prep it for listing!Set aside a couple of

Read More