It’s summertime, and the housing market is HOT, HOT, HOT! For families, this is often the best time of year to buy. The kids are out of school, and you can purchase a home and get settled in before the start of the new school year. If that doesn’t convince you, here are four more reasons to buy a home now.
- Prices are on the rise. Now that the recession is in our rearview mirror, economists are predicting that home values will appreciate between 11.8% to 26.7%. The longer you wait, the more expensive the home you purchase will be.
- Interest rates will increase. Freddie Mac’s primary mortgage market survey shows that interest rates for 30-year mortgage rates are moving upward and will continue to rise over the next year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors® predict that rates will go up about 3/4%. That might not sound like a big increase, but over 30 years, that extra interest will add up, and it will impact your monthly mortgage payment.
- Pay your own mortgage, not your landlord’s. If you are renting, you are helping your landlord purchase his own property. If you buy your home, you are paying your own mortgage and owning something real and tangible instead. For more info. on renting versus buying, watch this video.
- Take control of your life. Whether you want a home for your children or a place to enjoy your retirement, owning a home gives you options, control and choice.
If you’re thinking about buying a home this summer, contact an experienced Realtor® for more information and to find out how to prepare yourself for the next steps to home ownership. Good luck!