4 Reasons Why You Shouldn’t Wait to Buy
1. Home prices will continue to rise.
Corelogic’s reports that home prices have appreciated over 3.7% over the last month and homes will increase by 5% throughout the next year.
2. Mortgage interest rates will continue to go up.
Freddie Mac’s Primary Mortgage Market Update states that the 30-year fixed income has leveled off at 4.3%. Most experts predict that interest rates will rise over the next 12 months. The Mortgage Broker’s Association, Fannie Mae, Freddie Mac, The National Association of Realtors are all in agreement, projecting interest rates will go up by this time next year. Remember, an increase in interest rates will impact a monthly mortgage payment, potentially reducing buying power.
3. Either way you look at it, you’re already paying a mortgage.
Unless you’re living rent-free, you are paying a mortgage⏤yours or your landlord’s. As a homeowner, your mortgage payments are for savings, gaining equity that you can tap into later in life. As a renter, you are guaranteeing your landlord’s future by building their equity. Are you ready to put your housing costs to work for you?
4. It’s time to move on.
The cost of housing is determined by two components: the price of the home and the current mortgage rate, both of which are going up. It’s time to start building your own home equity through homeownership.