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 Index reports that home prices have appreciated by 7.1% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.9% over the next year.
The bottom in home prices has come and gone. 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 remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase 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 a home 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 have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Buyhome in Aurora
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? Buyhome in Yorkville
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. Buyhome in Bolingbrook
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.
source: Keith Kreis Real Estate News
4 Steps to Buying a Second Home
Many people love the idea of owning a chalet in the mountains, a beach house retreat, or a cool apartment in the city, but never take the plunge. Buying a second home is a big financial and life changing step that requires a lot of thought. By following the steps below, you can make then decision of whether or not you are ready for a second property, and find out exactly how how to go about preparing for the purchase of a second home if it is the right decision for you. Buyhome in Naperville
Is a second home affordable for you and your financial situation?
Before you get excited about a cozy countryside cottage, you should assess your financial situation and research the costs of a second home, beyond just acquiring a second mortgage. Be aware that some mortgage companies will charge more interest for a second home if you intend to rent out the property as a holiday let, or to a tenant, as financial lenders categorize a rental as a greater risk than a property used as a primary residence. Buyhome in Shorewood