Summer is here! The temperature isn’t the only thing heating up right now, so too is the housing market! Here are four great reasons to consider buying a home today instead of waiting.
- Prices will continue to rise.
The Home Price Expectation Survey reported that the appreciation in home values over the next 5 years would be between 11.8% and 26.7%. The bottom line in home prices is long gone, therefore will keep rising over the next couple of years.
2. Mortgage interest rates are expected to increase.
Surveys have shown that over the past 30 years interest rates have started inching up and will rise even more over the next 12 months or so. An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
3. 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. However, if they weren’t, would you wait to purchase a home? Take a step back and look at the actual reason you want to be a homeowner.
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.