Why wait?

According to industry resource KCM, there are four great reasons to consider buying a home this winter instead of waiting.

1. Prices Will Continue to Rise

Home prices have appreciated by 5.6% over the last 12 months. Experts predict that prices will continue to increase at a rate of 4.7% over the next year.

The era of housing prices dropping is over. Values will continue to appreciate for years.  So, holding out for lower prices is unrealistic.

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 hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.

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’re Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

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.

So what sense does it make to wait for prices to increase?

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’d like to discuss your options, please leave us a note in the comment section or call 508-360-5664.

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Our kitchen remodeling project continues. You can see what’s going on by viewing these recent social media updates.

Day 1 Demolition

Day 4 Demolition

Problems!

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For the latest financial news and how it’s impacting the real estate market, be sure to check out  The Markets in a Minute from our partners at Residential Mortgage Services.

Enjoy your week.

Mari and Hank