4 Good Reasons to Buy a Home this Fall
- Prices will keep rising.
Over the past 12 months, home prices have risen 6% according to Corelogics Home Price Index, and will continue to rise 5.4% over the next year. Made up of 100+ economists, investment strategists, and housing market analysts, the Home Price Expectations Survey predicts that they will continue to rise 3.5% annually over the next 5 years. Does waiting make sense to you?
- Interest rates remain at all time lows.
The Mortgage Bankers Assoc, Freddie Mac, and the National Association of Realtors all agree that interest rates will be higher this time next year. An increase in rates will affect your mortgage payment.
- You’re paying a mortgage anyway!
Unless you are living rent free with someone, you are either paying your own mortgage or paying down someone elses plus a return. Owning your own home makes more sense than renting.
- There are many other home buying reasons, not all financial.
Do you want better schools for your kids? Want to be closer to work, or a safer neighborhood? All of these and other considerations are good reasons to buy. If you choose to wait, both the purchase price and the interest rates are likely to be higher.
Bottom line is that buying sooner rather than later may make a lot of sense!