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Reasons Why You Should Buy A Home Now Instead of In The Spring

happy familyEveryday in the Linda Craft & Team office we get updates on rising mortgage rates, inflating home prices and low housing inventory. It was perfect timing when this Keeping Current Matters blog appeared in our inbox and we feel has some great reasons why consumers should consider purchasing a home now as opposed to later in the year.  It could be a difference of thousands of dollars, countless headaches or more!

“Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five reasons purchasers should consider buying before the spring market arrives:

Supply Is Shrinking

With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.

Price Increases Are on the Horizon

Prices are projected to appreciate by over 25% from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.

Owning a Home Helps Create Family Wealth

Whether you  rent or you own the home you are living in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.

Interest Rates Are Projected to Rise

The Mortgage Bankers Association, the National Association of RealtorsFreddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the this time next year. That is an increase of almost one full point over current rates.

Buy Low, Sell High

We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy.”

For all of your home buying and home selling needs, please call Linda Craft & Team, Realtors for a free consultation today. We have a team of experts ready to help you make your dreams come true! Call us today at 919.235.0007.

Keeping Current Matters keeps experts in the industry up to date with national and local real estate knowledge and news.

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