Thinking of Buying A Home?
What Are You Waiting For?
Home ownership Simplified :
Keji @301-613-2043
With spring right around the
corner, you may be wondering if you should wait to enter the housing market.
Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
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 5.4% over the next year. The Home Price Expectation Survey polls a
distinguished panel of over 100 economists, investment strategists, and housing
market analysts. Their most recent report projects
home values to appreciate by more than 3.2% a year for the next 5 years.
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
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have
remained below 4%. Most experts predict that they will begin to rise over the
next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in
unison projecting that rates will be up almost three-quarters of a percentage
point by this time next year.
An increase in rates will impact YOUR monthly mortgage payment.
Your housing expense will be more a year from now if a mortgage is necessary to
purchase your next home.
3. Either Way You Are Paying a Mortgage
As a paper from
the Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or rent. Not
even accounting for more favorable tax treatment of owning, homeowners pay debt
service to pay down their own principal while households that rent pay down the
principal of a landlord plus a rate of return. That’s yet another reason owning
often does—as Americans intuit—end up making more financial sense than
renting.”
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?
Look at the actual reason you are buying and decide whether it
is worth waiting. Whether you want to have a great place for your children to
grow up, you want your family to be safer or you just want to have control over
renovations, maybe it is time to buy.
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.
Bottom Line
If you are ready and willing to buy, find out if you are able
to. Let Us meet so we can help you find
your dream home.
Keji & Associates of Fairfax Realty is a
team of licensed agents working daily to get homes sold for our clients
in all parts of the metro area. We delight our clients by delivering
world class service every step of the way and we strive to create a win-win
situation this is all part of our values and beliefs. Contact us @ 301-613-2043 , visit our website www.metrohomesrealty.com
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