CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close to 4.0% in 2017. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by nearly a full percentage point by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
Either Way, You Are Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
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 if 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 now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Author:John Priestash Phone: 972-800-7369 Dated: March 12th 2018 Views: 104 About John: John is a North Texas REALTOR® who assists families and individuals sell or purchase real estate th...
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John is a North Texas REALTOR® who assists families and individuals sell or purchase real estate throughout the Dallas/Fort Worth Metroplex.
John has a passion for educating homeowners on the home selling process so they have the knowledge and understanding of the best way to get their home sold in today’s ever changing real estate market. For home buyers he helps them realize the dream of home ownership by navigating them through the home buying process. John also provides many educational real estate blog articles through his “Real Estate with John Priestash” website.
John was born and raised in Pennsylvania and has lived in Texas for 15 years. Prior to launching his real estate business he was a pharmacist who worked as an operations manager for a Fortune 50 pharmacy benefits company. John is also a military veteran who served as a U.S. Army Sergeant in the 86th Combat Support Hospital during his 6 years of active military duty.
When John is not helping families buy or sell their home you will find him fishing and kayaking on one of the many local Texas lakes. He is actively involved in his church and volunteering with local charities.
4 Reasons Spring is a Great Time to Buy a Home! Here are four great re
"John was extremely patient, forthright and professional all during our working relationship. He was courteous with my wife and son while thoroughly answering every question that we would raise. John was very responsive to our numerous request for showings and always was timely and followed through on all leads. I would highly recommend John as your agent, regardless of the scope of your purchase. He will represent you very well in one of the most important decisions that you will make."