Waiting to buy a home? Here are 4 great reasons to buy in Sarasota and Manatee counties NOW!
1. Prices Will Continue to Rise
Over the last 12 months, the Home Price Index has reported that prices of homes have appreciated by 6.3%, and is predicting that this will continue to increase at a rate of 5.5% over the next year. It does not make sense to wait any longer to purchase a home, especially when projected rates over the next 5 years will be more than 3.2% (The Home Price Expectation Survey Polls).
Trying to find those "bottom" prices has come and gone, so why would you wait to buy a home if home values will only continue to appreciate?
2. The Mortgage Interest Rates are Projected to Increase
30 year mortgage interest rates have remained around 4% according to Freddie Mac's Primary Mortgage Market Survey, however, they are predicted to rise over the next 12 months by almost three-quarters of a percentage point in a unison projection from The Mortgage Bankers Association, Freddie Mac, and the National Association of Realtors.
If a mortgage is needed in purchasing your next home, waiting until this time next year WILL impact YOUR monthly mortgage payment!
3. Renting a home or owning a home...either way you are paying a mortgage
The Joint Center for Housing Studies at Harvard University states:
"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. Move On!
Now that we know that both home values and interest rates are on the rise which will obviously affect the 'cost' of a home, why would you wait?
Buying now as opposed to waiting until later can save you money substantially. Whether you want a great environment for your children, a place you can renovate to your taste, or just an over all more safe and secure home for you to feel comfortable in that you can call "your own," maybe it's time to buy.