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4 Great Reasons to Consider Buying a Home Today Instead of Waiting

Posted on December 13, 2018 by Kirsten Hamling.


1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insight report revealed that national home prices increased 5.4% year over year in October 2018 and are forecast to increase 4.8% from October 2018 to October 2019. 

The bottom in home prices has come and gone. Home values will continue to appreciate, thus waiting no longer makes sense.

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.

3.  Either Way, You are 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.

But what if they weren’t?  Would you wait?

Look at the actual reason you are buying and decide if 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 it is the right thing for you and your family to purchase a home this year, buying sooner rather than later could lead to substantial savings.

 

Blog disclaimer:
“The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.”

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