Why Summer Is A Great Time To Buy A Home
Below are four great reasons to buy a home or condo this summer instead of waiting:
- Prices Are On the Rise - Home Price Insights (Corelogic) most recent report indicates that over the past twelve months, homes and condos have appreciated by 7 percent and will continue to rise at a rate of 5.2 percent over the next year. Home values will continue on the upward trend. It doesn't make sense to wait.
- Mortgage Interest Rates Expected to Rise - Freddie Mac's Primary Market Mortgage Survey reveals interest rates for a 30-year mortgage have risen by half of a percentage point already this year to approximately 4.5%. Many experts agree that interest rates will continue to rise over the next year. Fannie Mae, The Mortgage Bankers Assoc, Freddie Mac and National Association of Realtors (NAR) are all in agreement, predicting that rates will rise by almost a full percentage point by this time next year. An increase in interest rates will have a significant affect on your monthly mortgage payment. Next year, your housing expense will increase if you will be obtaining a mortgage to purchase your new home or condo.
- You Are already Paying A Mortgage - Many renters have waited on purchasing a home because they are uncomfortable with the idea of taking on the responsibility of paying a mortgage loan. However, unless you are living at home with your parents "rent free", you need to understand that you are already paying a mortgage. Except, instead of paying your mortgage, you are paying your landlords mortgage! As a homeowner, the monthly payment you make towards your loan is actually a forced savings, allowing you equity in your home that you can tap into later on in life if necessary. As a renter, you are building the equity for the landlord instead. Are you ready to take advantage of your housing costs?
- It's time To Move On With The Next Chapter In Your Life - The cost of a home is comprised of 2 important components: The price of the home and the current mortgage interest rate. Both appear to be rising. However, if they weren't rising, would you still wait to buy a home? Reflect on the true reason you want to buy a home and decide if it makes sense to wait. Maybe you want a bigger yard for your kids... maybe your growing family needs more room... a safer neighborhood... more upgrades in the home... whatever the reason, maybe now is the time to buy.
If purchasing a home is the right decision for you and your family, buying sooner than later could possibly lead to substantial financial savings.
If you are ready to beging the home-buyiing process and begin looking at Fort Lauderdale homes for sale or condos for sale in Fort Lauderdale, give us a call/text or contact us here. Begin your search by clicking on the property links below.
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Disclaimer:The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia PA and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. John Sabia PA and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.