If you dream about the day when you’ll be raking crunchy leaves in your own backyard, or if you picture yourself carving a jack-o-lantern to display on the steps to your first house, then now’s the time to make those dreams come true. The housing market is thriving, making this a prime time to invest in a home. But don’t wait for long! Here are four great reasons to consider making the leap this fall.
1. Prices Are Rising
Housing prices have been in a steady upswing over the past year, with a particularly stark upward trend in many of the country’s up-and-coming locations. In fact, “the median sale price [for homes] has risen by almost 7 percent over the past year” according to the latest data tracking and analysis report by CoreLogic. That same report predicts that prices will continue to increase at a rate of 6.7% year-over-year.
Whether you’re looking to settle down for the long-haul or purchase an investment property, now’s the time to buy!
2. Mortgage Interest Rates Are Increasing
Current interest rates are at the highest point in seven years, and this trend doesn’t seem to be slowing down. The rates for a thirty-year mortgage have already increased by half of a percentage point this year, according to Freddie Mac’s Primary Mortgage Market Survey, with averages that nearly top 4.6%. Most of the field’s experts are projecting that they’ll keep rising steadily over the next few years, putting them at 5.1% by this time next year.
All of this to say, you’re better off buying now before next year’s increased rates gouge your monthly mortgage payment. Don’t let dilly-dallying impact your expenses!
3. You’re Already Paying a Mortgage
The jump from renting to home-owning can seem daunting. While most people don’t hesitate to sign an annual lease, a thirty-year commitment can seem like a whole new game. But unless you’re living rent-free, then you’re already paying a mortgage. It’s just not your own.
If the obligation of a mortgage has prevented you from securing a permanent home, it’s time to reassess. As a homeowner, your monthly payment is a form of savings that allows you to build equity in your home, which you can tap into later in life. As a renter, your monthly payment disappears, helping to build your landlord’s equity instead of your own. So instead of fearing a mortgage, look at it as a way to put your housing costs to work for you.
4. It’s Time!
If market logistics don’t hold much sway in your decision, then return to your roots and remember your reasons. Are you looking for a place for your children to cultivate memories and a sense of belonging? Does the safety and security of your family play a role? Or maybe you’re just looking for more freedom in terms of your home’s renovations and design?
Regardless of your objectives, now’s the time to invest in your future. After all, why wait? There’s no time like the present! If you have any questions about the home-buying process, stop into your local Collins Community Credit Union to speak with a Real Estate Loan Officer today.