If you’re thinking about buying a home, this spring might be the perfect time to enter the market. There are a few reasons why.
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Spring is here, and that makes many people think about making a move. Whether you are moving from a rented property, a starter home, or a mid-market home, the questions is, “Should I buy now or is it wise to just wait a while longer?”
To answer this question, there are four things you need to consider:
1. One way or the other, you are paying a mortgage. Some renters may be hesitant to take on the obligation of a mortgage, but unless you have one of those sweet rent-free deals, you are already paying a mortgage—your landlord’s! As a homeowner, your mortgage becomes a form of forced savings from increased value or equity. This is money you can tap into later. For example, when you sell, that equity can provide the down payment for your next home. As a renter, you are only contributing to your landlord’s equity.
2. Home prices will continue to rise. The bottom of the market has come and gone. We’ve had more than a year of steady rises in home values, and CoreLogic—a respected market research group—predicts that we’ll see homes appreciate in value by as much as 4.8% throughout the year.
3. Mortgage rates will continue to rise. While interest rates have hovered around 4% for a couple of months now, Freddie Mac says that they will be going higher. An increase in rates will impact your monthly payment and your buying power. A year from now, your housing expenses will be higher when you get a mortgage.
4. Is it the right time for you? You know why you are thinking about buying a home. Do you need a better location for the commute, more room for a growing family, or would you like to have control over what you can do with your home, such as what color you can paint the walls or other decorating projects that a landlord wouldn’t allow? Why wait to realize those benefits?
Why wait to realize the benefits of homeownership?
If buying a home is the right thing for you and your family, then buying now will result in significant savings. The wait is over! I would love to talk to you about buying a home this spring. Together, we can devise a great home buying strategy to get you into a home that is ideal for you and your family.
If this sounds like something you’d like to do, simply call, text, or email me today. I look forward to helping you!
