4 Reasons Why Fall Is A Great Time To Buy A Home

Dated: 09/10/2018

Views: 75

 

4 Reasons Why Fall Is A Great Time to Buy A Home!

4 Reasons Why Fall Is A Great Time to Buy A Home! | MyKCM

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insights report reveals that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% over the next year.

Home values will continue to appreciate for years. 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 already increased by half of a percentage point, to around 4.5% in 2018. 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 by half a percentage point to around 5.1% by this time next year.

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

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 which you can then 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 the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.


Blog author image

Danny Crow

As a real estate agent since 2000, I enjoy helping others discover Central Texas and make a home here. Real estate in Austin offers many options to home buyers and I will make sure you explore every o....

Want to Advertise on this Site?

Latest Blog Posts

Home Improvement Ideas That Increase Home Value

Home Improvement Ideas that Increase Home Valueby Darryl CrosbyPreparing a home for the market can seem like a full-time job — without the paycheck. While upgrades can increase your home’s value

Read More

Feb 6 2019 64092 1

Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s?There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However,

Read More

Excited About Buying A Home This Year Heres What To Watch

 Excited About Buying A Home This Year? Here’s What to WatchAs we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of

Read More

Where Is The Housing Market Headed In 2019

 Where is the Housing Market Headed in 2019? Some Highlights: ­Interest rates are projected to increase steadily throughout 2019, but buyers will still be able to lock in a rate lower

Read More