5 Reasons
to Buy A Home Now Instead of Spring
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Posted: 25 Nov 2013 04:00 AM
PST
 Based on prices, mortgage rates
and soaring rents, there may have never been a better time in real estate
history to purchase a home than right now. Here are five major reasons
purchasers should consider buying:
Supply Is Shrinking
With inventory declining in
many regions, finding a home of your dreams may become more difficult going
forward. There are buyers in more and more markets surprised that there is no
longer a large assortment of houses to choose from. The best homes in the
best locations sell first. Don’t miss the opportunity to get that
‘once-in-a-lifetime’ buy.
Price Increases Are
on the Horizon
Prices are projected to
appreciate by over 25% from now to 2018. First home buyers will probably pay
more both in price and interest rate if they wait until the spring. Even if
you are a move-up buyer, it will wind-up costing you more in net dollars as
the home you will buy will appreciate at approximately the same rate as the
house you are in now.
Owning a Home Helps
Create Family Wealth
Whether you are rent or you
own the home you are leaving in, you are paying a mortgage. Either you are
paying your mortgage or your landlord’s. The Fed, in a recent study, revealed
that the net worth of the average homeowner is 30 times greater than that of
a renter.
Interest Rates Are
Projected to Rise
The Mortgage Bankers
Association, the National Association of Realtors, Freddie Mac
and Fannie Mae have all projected that the 30-year mortgage interest
rate will be over 5% by the end of 2014. That is an increase of almost one
full point over current rates.
Buy Low, Sell High
We would all agree that, when
investing, we want to buy at the lowest price possible and hope to sell at
the highest price. Housing can create family wealth as long as we follow this
simple principle. Today, real estate is selling ‘low’ compared to where it
will be next year. It’s time to buy.
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