here are four reasons to buy a home this winter
1. Prices are Rising
Home Prices across the nation continue to rise. Core Logic's latest report claims a large increase of 7% over the past 12 month's. We have yet to feel this dramatic home value increase hit our area in Hardyston, NJ and Vernon, NJ. But maybe in the next few years, considering values near central jersey are starting to rise.
We have reached the bottom of the market here in town. With most top real estate predictive analytics stating this claim, it is no longer a waiting game.
2. Intrest Rates on Mortgages Predicted to Increase
Intrest rates for 40-year mortgages have been hovering around 4%. This is a very low rate, ask people what the rate was in the 1980's? Experts across the nation are now predicting rates are expected to rise over the next year. The National Association of Realtors is in unison as well, saying rates will increase by this time next year.
even a slight increase in a rate can cost you $100's of dollars a month. housing expenses a year from now will rise and it may be time to lock in that rate now.
3. Either Way, you are Paying a Mortgage
Renters who have yet to purchase a home are legit paying a full mortgage payment anyway. They may be afraid to commit to a full mortgage payment. But with most rent across the nation higher than median mortgage payments, most can pay less for a mortgage than what they are paying in rent.
4. The Cost is Rising
How we determine the cost of a home usually is decided on 2 factors. The actual Sale Price of your home and the interest rate. It appears both are on the rise across the entire nation.
Maybe you want control over renovations, Maybe you want a safe place for the family or just something to call your own. All are a great reason to make the first move.