Here are four great reasons to buy a home this winter instead of waiting.
1. Prices will continue to rise.
CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.5% over the last 12 months. Home prices are forecasted to increase at a rate of 5.7% over the next year in Missouri.
Home values will continue to appreciate, so waiting may end up costing you more in the long run.
2. Mortgage interest rates are forecasted to remain low.
The Primary Mortgage Market Survey from Freddie Mac indicates that rates for a 30-year mortgage have recently hovered around historically low levels. This is great news for home buyers in the market right now, because low rates increase your purchasing power, meaning you can get more for your money.
3. Waiting may increase your long-term costs.
The cost of a home is determined by two major components: the price of the home, and the current mortgage rate. It appears prices are on the rise, making waiting a potentially more expensive option.
Look at the actual reason you are looking to buy a home and decide if it’s worth waiting. Whether you’re a first time home buyer looking to get out of renting, or wanting a great place for your children to grow up, maybe now is the time to buy.
4. Either way, you are paying a mortgage.
Some renter’s haven’t purchased a home yet because they’re uncomfortable with taking on the obligation of a mortgage. Everyone should realize that unless you’re living rent-free with your parents, you are paying a mortgage – either yours or your landlords.
Buying a home sooner rather than later can lead to substantial savings. Let’s get together to determine if home-ownership is the right choice for you this winter.
Share this Post