4 Reasons Why you Should Buy this Autumn
1: Prices are lower now.
According to the CoreLogic Home Price index, prices for homes have risen in value in the past year. The values of homes will continue to rise as the year pass, by at least 5.4% and more than 3.5% in the next 5 years according to a poll by E xpectations survey. Waiting more equates to more money being spent on a home you wish to purchase.2: Interest rates are at historic lows.
You read that right. Interest rates are at its lowest right now than they have been in the past years. According to Freddie Mac’s Primary Mortgage Market Survey, tells us that a 30-year mortgage has never sprouted over 3.5% %, 13 weeks straight. In the same report, it shows waiting longer can have an impact on your mortgage and cost you more money on the same housing situation you want.3: You are already paying a mortgage.
Either way, you are paying for a home you live in– unless you still live with your parents free of rent. If you already pay for a mortgage, be it your own or your landlord’s. A snippet from the Joint Center of Housing Studies at Harvard University reveals that,“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: Remember your “why”.
Why are you looking at purchasing a home? The total cost of a home is resolved by the market price and the mortgage rate. But what if those things didn’t matter? Why would you wait?The sooner you make that jump to purchase your home, the sooner you will be able to have: a safer place for you and your family, renovations, a place to raise children or just a place closer to your workplace.
If it is in your best interest to purchase your home this year, buying now rather than later can leave you with more money in YOUR pocket.
