So, you have been thinking about purchasing a new home. Maybe you just aren't sure when the best time to buy is. Spring is a great time! Here are 4 reasons why:
1. Prices will continue to rise. According to CoreLogic, a leading provider of consumer, financial and property data, home prices have appreciated by 6.6% over the last 12 months and will continue to rise over the next year. If you are holding out until that perfect home you have been keeping your eye on drops in price, because it probably won't.
2. Mortgage interest rates are projected to increase. Interest rates for a 30-year mortgage stayed right around 4% in 2017 and most experts agree that interest rates will continue to increase over the next 12 months, possibly by one full percentage point. An increase in interest rates will increase your mortgage payment. So, that home you are looking at now could ultimately cost you more a year from now.
3. Either way you are paying a mortgage. Why not make it your own? As a home owner, your mortgage payments are building equity in your home which is a type of savings. If you are renting, you are paying the mortgage on the property anyway, but your landlord is building the equity and savings. Don't invest in a stranger's future. Invest in your own and become a proud homeowner.
4. It's time to move on with your life. The cost of a home is determined by two figures - the price of the home and the current mortgage interest rate. Both, it seems, are on the rise. A wise person once said, "don't put off until tomorrow what you can do today". If you are thinking of buying a new home, today's prices might be the lowest you will see over the next 12 months.
Get in the game before time runs out and give Team 2BeSellin a call today!
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