3 Reasons to Buy This Summer
Plenty of people have the goal of buying a home, but factors hold them back from making it happen each year. Rising interest rates or not enough savings for the standard 20% down payment are just a few examples that cause people to push off the thought of owning a home. Maybe next year’s rates will be better, or next year, I’ll have enough financially to afford that down payment. But, maybe this year is your year! Here are three great reasons to consider buying sooner rather than later.
Home Prices Will Continue to Rise
According to CoreLogic, a leading global property information, analytics and data-enabled solutions provider, the prices on homes are going up. It’s latest Home Price Index report shows that home prices nationwide (including distressed sales) increased by 7.1% in March 2017 compared with March 2016. Home prices also increased month over month by 1.6% in March 2017 compared with February 2017. The same report predicts that prices will continue to increase at a rate of 4.9% over the next year. To sum it up simply, home values are up and will continue to appreciate in the coming years.
Mortgage Rates Just Went Lower
The story so far for 2017 has focused on how interest rates have gone higher. Freddie Mac, however, just reported lower interest rates on July 20, 2017 with the 30-year mortgage rate dropping 7 basis points to 3.96%. This is still higher from last year’s fixed-mortgage rate (FMR) which averaged 3.45%. This drop happened because inflation is low, the Federal Reserve is expected to take steps to prevent inflation from popping up, and home construction sagged in April. With a decrease on mortgage interest rates, now might be an appropriate time to take advantage of them!
The Pros of Buying vs. Renting
Many renters hold off from purchasing a home due to being uncomfortable with the obligation of a mortgage. Regardless, whether you are paying on your mortgage or paying your landlord, you are still paying a housing cost. Are you ready to put your housing cost to work for you? Renters should also consider how tax credits help offset some of the cost of home ownership, how a home can appreciate over time, and how you can eliminate the expense of housing once you have fully paid for your home.
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. If you want to learn more about pursuing your dream of owning a home, call us today!
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