Summer is here! The temperature isn't the only thing heating up right now, so too is the housing market in many areas of the country! Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’slatestHome Price Indexreports that home prices have appreciated by 5.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.3% over the next year.The Home Price Expectation Surveypolls 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 Surveyshows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. TheMortgage Bankers Association,Freddie Mac& theNational Association of Realtorsare in unison, projecting that rates will be up almost a full percentage point 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 are Paying a Mortgage
As a paper from theJoint Center for Housing StudiesatHarvard Universityexplains:
“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 now is the 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.
Author:Jerod Coulter Phone: 843-513-3741 Dated: July 12th 2016 Views: 218 About Jerod: ...
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Working full-time in real estate allows Jerod to be accessible night or day for his clients. Both buyers and sellers have an acute appreciation for the time, energy, and complex marketing strategies he provides through an extensive network of personal contacts, media outlets, and dedicated professional marketing department. His strenuous work ethic and aggressive negotiating strategies are unparalleled. Holding a Bachelor of Science Degree in Finance & Economics with combined work experience in the investment banking industry, Jerod helps his clients accomplish their personal goals as well as financial expectations in real estate. Jerod takes great pride in his work and has a genuine interest in helping people. Whether you are buying your first home, purchasing a second home closer to the beach, investing in numerous income properties, or getting ready to sell the home of your dreams, he excels at assisting clients with goal setting, analyzing the data, and educating you to make the most informed decision possible.
-My business oriented background combined with a superior client focused level of service will undoubtedly help you achieve your dreams in the real estate market.
-The foundation of both my personal life and my business is God, Family, and Friends.
-I work out of the spectacular Mount Pleasant office conveniently located less than 4 miles from 526 and just minutes from Daniel Island. Stop by to visit, or call to schedule an appointment.
-Selling homes from Hollywood to Huger and everywhere in between!
-Relocating? No Problem! Call me at 843-513-3741. I am on the relocation team and will be happy to get you started.