Team Nest Builder offers four great reasons to consider buying a home today instead of waiting:
Prices Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices appreciated by 6.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 4.3% over the next year. The bottom in home prices came and left. Home values will continue to appreciate for years. Waiting no longer makes sense.
Mortgage Interest Rates Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close to 4.0% in 2017. 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 speak in unison, projecting rates will increase by nearly a full percentage point 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.
Either Way, You’re Paying a Mortgage
Some renters have not yet purchased a home because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you’re living with your parents rent-free, you’re paying a mortgage – either yours or your landlord’s. As an owner, your mortgage payment acts as a form of ‘forced savings’, allowing you to possess equity in your home 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 cost 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 reason you are buying and decide if it’s worth waiting. Whether you want a great place for your children to grow up, you want more safetly for your family, or you just want control over renovations, now is the time to buy.
The bottom line? Team Nest Builder knows that 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. Call Lynn Garafola at 973-222-3777 to start the process today! Liked this article? Check out our blog for loads of helpful information on real estate, home improvement and community events!