Team Nest Builder wants you to consider these four great reasons for buying a New Jersey home today, instead of waiting:
Home Prices Continue to Rise
CoreLogic’s latest Home Price Insights Report shows home prices appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% 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.
Mortgage Interest Rates Projected to Increase Next Year
The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news for buyers in the market right now, because low interest rates increase your purchasing power – but don’t wait! Most experts predict 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 by this time next year. An increase in rates impacts your monthly mortgage payment. A year from now, your housing expense increases if a mortgage is needed to buy your next home.
Either Way, You’re Paying a Mortgage
Some renters haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you’re already paying a mortgage – either yours or that of your landlord. As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to possess equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Are you ready to put your housing costs to work for you?
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 both are on the rise. But what if they weren’t? Would you wait? Look at the actual reasons you’re buying and decide if it’s worth waiting. Whether you want a great place for your children to grow up, you want your family to be safer, or you just want control over custom renovations, maybe now is the time to buy.
Buying a home sooner rather than later could lead to substantial savings. Call Team Nest Builder’s Lynn Garafola at 973-222-3777 today to determine if new homeownership is the right choice for you and your family this fall. Click here to view Sussex County single family homes for sale, and here to view Morris County single family homes for sale.
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Source: Keeping Current Matters, Inc.