Have you been thinking about buying a home for your family, but have postponed your decision? Are you telling yourself that it is not the best time to buy a home? Here are the 4 top reasons why you should stop procrastinating and take action to realize your dream this fall.
Home values will continue to appreciate
According to the latest report by CoreLogic, prices of properties have increased by nearly 6.7% in the last year. These prices will continue to appreciate by nearly 5% in the next year. So there is no need to wait, hoping for home prices to come down to make it easier for you.
Interest rates are also expected to increase
Mortgage rates have hovered for quite some time around the 4% mark for 30 year mortgages. However, Fannie May, Freddie Mac, and NAR have predicted an increase in mortgage rates in the near future. Not only will you get a costlier loan next year, you will also bear an increased monthly expenditure at that time. There is no point in waiting for the time when mortgage rates will further go down below the 4% mark.
You are already paying monthly rent equal to a mortgage payment
There are many who think it is difficult to repay monthly obligations to a bank. But if you think clearly, you are indirectly paying for a mortgage loan, if not your own,then for the mortgage loan of your landlord. Why not create your own asset by paying this monthly amount to your lender instead of paying your landlord?
You need to make the right decision at the right time
For many it is a long cherished dream to own a home. The more you delay, the higher the price you will pay both in the short and the long run. This is because not only the prices of homes continue to appreciate but you your payment will increase due to raising interest rates.
Identify the reason behind your decision to buy. If you want a home to give comfort and security to your family, it is no use keep waiting . The best time to buy your own home is now (this fall), and you couldn’t ask for a more opportune time for taking action.