During the winter months, we always hear that people are wanting to get through the holidays and wait til the Spring to start looking to buy. We, Linda Craft & Team, have a few huge reasons why now is the perfect time to buy!
1. Rents continuing to increase: Rent typically increases at an annual rate of 3.2% each year however Trulia has reported that this year the average rent has increased by 5.4% and expected to continue to rise even more next year. Don’t continue to pay high rent with getting nothing in return. Look at the chart below to see how much money you are paying in rent per year. Stop pouring money down the drain and buy now!
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Total Amount of Rent Paid In |
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|
Monthly Rent |
1 year | 2 years | 3 years | 4 years | 5 years |
|
$850 |
$10,200 | $20,400 | $30,600 | $40,800 | $51,000 |
|
$900 |
$10,800 | $21,600 | $32,400 | $43,200 | $54,000 |
|
$950 |
$11,400 | $22,800 | $34,200 | $45,600 | $57,000 |
|
$1,000 |
$12,000 | $24,000 | $36,000 | $48,000 | $60,000 |
|
$1,100 |
$13,200 | $26,400 | $39,600 | $52,800 | $66,000 |
|
$1,200 |
$14,400 | $28,800 | $43,200 | $57,600 | $72,000 |
2.Rise of interest rates: Interest rates are at amazing lows right now but they are expected to rise one full point over the next year. Now might be your last chance to get a great deal!
3. Home prices expected to increase: Just like rent and interest rates home prices are expected to go on a steady rise at the start of the New Year. Buy a home now instead of waiting for the spring and save some money on the interest rates, your rent, and home price!
4. Low supply of options: The options and supply of homes is extremely low right now and it is becoming more difficult to find your perfect home. As you would think, the best homes in the best neighborhoods sell first. I would recommend not waiting until the Spring to be looking, your dream home could already be gone!
5. Buy low, sell higher: Currently we are in a “sell low” trend which means it is the perfect time to buy. When it is time to sell in the future you could be making a good profit.
There is no need to wait until the Spring to buy. Save yourself some money and be the first buyer to snatch up the perfect home. The longer you wait the less chance you have of your perfect home still being available. If you have any other real estate questions don’t hesitate to visit our website at www.LindaCraft.com or call us at 919.235.0007.