People always ask when is the best time to buy a home, there is no one size fits all answer to this. It varies from area to price point, home-style and type, etc. So big picture, here are 4 reasons you need to consider whether now is the right time for you and your family to make a move.
Prices Will Continue to Rise
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 Historically Low
Interest rates are lower than they have been in MANY years. Rate increases will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is needed to buy your next home.
Either Way, You Are Paying a Mortgage
Everyone should realize that, unless you’re living rent-free with your parents, you are paying a mortgage – either yours or that of your landlord. As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
It’s Time to Move on With Your Life
Look at the actual reason you’re 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 custom renovations, maybe now is the time to buy.