Here are four great reasons to
consider buying a home today, instead of waiting.
1. Prices Will
Continue to Rise
The Home Price Expectation Survey
polls a distinguished panel of over 100 economists, investment strategists, and
housing market analysts. Their most recent report projects appreciation in home
values over the next five years to be between 30.8% (most optimistic) and 9.4%
(most pessimistic).
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 Increasing
Although Freddie Mac’s Primary Mortgage Market Survey
shows that interest rates for a 30-year mortgage have softened recently, most
experts predict that they will begin to rise later this year. The Mortgage
Bankers Association, Fannie Mae, Freddie Mac, and the National Association of
Realtors are in unison; projecting that rates will be up almost a full
percentage point by the end of next year.
An increase in rates will
impact YOUR monthly mortgage payment. Your housing expense will be more a year
from now if a mortgage is necessary to purchase your next home.
3. Either Way, You are
Paying a Mortgage
As a recent paper from the Joint Center for Housing Studies
at Harvard University
explains:
“Households must consume
housing whether they own or rent. Not even accounting for more favorable tax
treatment of owning, homeowners pay debt service to pay down their own
principal while households that rent pay down the principal of a landlord plus
a rate of return. That’s yet another reason owning often does—as Americans
intuit—end up making more financial sense than renting.”
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 whether 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 it is time to buy.
Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.