4 Reasons Fall Is the Prime Time to Buy
Why are you putting off homeownership? Today, I’ve got four reasons to buy this fall.
Some people think that once we’ve made it through the competitive spring and summer months, the market slows to a stop.
This simply isn’t the case. Today, I’ve got four reasons to buy a home this fall:
1. Prices will continue to increase. CoreLogic’s latest home price index indicates that prices have appreciated 6.7% nationally over the last year. The same report also predicted that prices are going to continue to increase at a rate of 5% over the next year. The bottom line is prices are on the rise.
2. Mortgage interest rates are projected to increase. Freddie Mac’s primary market survey shows that interest rates for a 30-year mortgage are hovering around 4%, but most experts expect this to rise over the next year. The Mortgage Bankers Association, Freddie Mac, Fannie Mae, and the National Association of Realtors all agree with this prediction.
“You could either pay your own mortgage or your landlord’s.“
3. Either way, you’re paying a mortgage. Many renters worry about the idea of paying a monthly mortgage. However, unless you’re living rent-free in your parents’ basement, you are paying a mortgage—it’s just someone else’s. You could either pay your own mortgage or your landlord’s. As an owner, your mortgage is a forced savings account.
4. It’s just time to move. The cost of a home is determined by two major components: the price of the home and the interest rates. While these things both appear to be on the rise, would you wait to buy if they weren’t? Think about the real reason you might want to buy. Do you want a place to raise kids, a better neighborhood, or simply a place of your own? Whatever the reason, why wait?
Buying in the fall may be more prudent in terms of finances and opportunity, so don’t hesitate to make your move.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.