Spring is upon us and now is the time to buy a home!
Here are 4 reasons you should buy a home this spring.
- Prices are Rising! And that’s a good thing!
Reports from U.S. Home Price Insights state that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at and even higher rate over the next year.
2. Mortgage Interest Rates Are Predicted to Increase.
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage came in at 4.41%. Most experts predict that rates will rise over the next 12 months.
What does this mean for you?
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. Buying or renting? You are still paying a Mortgage.
Some renters have not yet purchased home because they are uncomfortable taking on the obligation of a mortgage…. The reality is unless you are living with your parents rent-free YOU ARE PAYING A MORTGAGE – either yours or your landlords.
The difference in buying and renting when you are paying rent you are investing in the equity of the landlord rather than your own home. Paying a mortgage is like forced savings.
4. It’s time to move forward.
The cost of a home is determined by two components: the price and the current mortgage rate.
AND it appears that both are on the rise!
So why wait?
If you are considering buying, selling, or investing call us today for a free consultation.