Suzette Decker

Sales Associate

My Blog

4 Very Good Reasons to Purchase Your Dream Home This Winter

1/14/2017

 

*Originally posted on KCM

As the average temperature in the country starts to cool, you may think the housing market will do the same. This couldn’t be further from the truth! Here are four reasons you should consider buying your dream home this winter (instead of waiting for spring orsummer):

1. Prices Will Continue Rising

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% 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.

2. Mortgage Interest Rates are Projected to Increase

Your monthly housing cost is as much related to the price you pay for your home as it is to the mortgage interest rate you secure.

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently at 4.08%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

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. Either Way, You’re Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have 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 cost to work for you?

4. 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.

But what if they weren’t? Would you wait?

Consider the actual reason you're buying and decide whether it's worth the wait. Whether you desire a great place for your children to grow up, safety for your family, or control over your renovations, maybe now is the time to buy.

Buying sooner rather than later could lead to substantial savings. Contact me to learn about those savings and to understand what your current home is worth in today's market.

*Original source link: KCM

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