Today, many real estate conversations center on the lack of inventory for home buyers. Don’t let this deter you from your home search! This spring can be the optimum time for you to benefit as a home buyer! That’s right … if you’ve been dabbling with the idea, NextHome Metro Group can help! Let’s meet and discuss your options — don’t let this great opportunity slide by. There’s no obligation, no pressure, when sitting down with a NHMG real estate professional for spring housing market insight and advice.
Here are the 4 top reasons to consider BUYING a home today:
- PRICES ARE ON THE RISE
The recent Home Price Index by CoreLogic reveals that home prices have appreciated by 6.9% in the past year. The same report predicts prices will continue to increase at a rate of 4.8% over the next 12 months.Waiting for prices to go down doesn’t make sense as home values are going to continue appreciating.
- MORTGAGE INTEREST RATES ARE ON THE RISE
Freddie Mac’s Primary Mortgage Market Survey (see chart) demonstrates how interest rates for a 30-year mortgage have averaged around 4% over the last couple months. It is forecast that rates will increase by at least a half a percentage point by this time next year. A year ago, the average was 3.7%! An increase in rates will impact YOUR monthly mortgage payment! So why wait to buy when a year from now your housing expense will increase when securing a mortgage to purchase your home?
- REGARDLESS OF HOW YOU LOOK AT IT, YOU’RE PAYING A MORTGAGE — YOURS OR YOUR LANDLORD’S
Taking on a mortgage for some renters is causing a bit of discomfort. If you’re mooching off your parents and residing with them rent-free, that’s another story, but for the most part, if you’re renting — you’re paying the landlord’s mortgage when you could benefit from paying yours!Put your housing costs work for you as building equity in a home offers you a sort of savings for the future. In the case of renting, your landlord is the one building the equity with your help.
- WHAT’S THE REAL REASON FOR YOU CONSIDERING BUYING A HOME?
If home prices WERE NOT increasing along with mortgage rates, would you still postpone your home buying? What are the deciding factors and do they make sense to continue playing the waiting game?
After weighing your options, should you find the time is right for you and your family to buy a home, then the spring market could be your time to jump into your property search. And sooner rather than later to maximize your savings!