Why buy your New Jersey home this summer instead of waiting? Here’s 4 super reasons to make your move now, or risk ending up with the summertime blues:
1. Prices Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices appreciated by 7.1% over the last 12 months. The same report predicts home prices will continue to increase at a rate of 4.9% over the next year.
Face the facts: home prices already hit bottom and are now rising again. Home values will continue to appreciate for years. Waiting to buy your New Jersey home simply no longer makes sense.
2. Mortgage Interest Rates Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage remain at around 4%. Most experts predict they’ll begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors currently speak in unison, projecting 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 necessary to buy your next home.
3. Either Way, You’re Paying a Mortgage
Some renters haven’t yet purchased a home because they’re uncomfortable taking on the obligation of a mortgage. Understand this: unless you’re living with your parents rent-free, you ARE paying a mortgage - either yours or your landlord’s.
As a New Jersey homeowner, your mortgage payment acts as a form of ‘forced savings’ allowing you to possess equity in your home that you can tap into later in life. As a renter, you guarantee your landlord’s the person with that equity.
4. Move Forward with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. Both are currently on the rise. But what if they weren’t? Would you wait?
Examine the actual reason you’re buying and decide if it’s worth waiting. Whether you want a great place for your children to grow up, a safer family environment or even just control over renovations, now is the time to buy.
Make Your Move
If the right thing for you and your family to do is to purchase your New Jersey home this year, buying sooner rather than later may lead to substantial savings. Don’t hesitate! Call Lynn Garafola at Team Nest Builder today.