Yes! If you are currently renting, we think it’s a great time to buy. And here are four reasons why.
Interest Rates are Going to Rise
Yes – the interest rates have risen lately. The Federal Reserve raised the rates in February. And yes, this step just made owning a home more expensive. But – this is the first of three interest rate increases scheduled for 2017. If you wait it will get even more expensive. But let’s put this in perspective. If you’re mortgage will be $300,000 the latest rate increase will cost about $35 extra per month, or a little more than $1.00 per day.
You’re Already Paying a Mortgage
WHAT? I don’t have a mortgage, I’m renting!
Well guess what – you’re paying the landlords mortgage. Do you want to keep paying his or purchase a home and pay your own mortgage? When you own your own home, you are paying down the debt and hopefully you will own the property outright, or a different property as you go along. This is called “Building Equity”. And would you rather build your own equity or someone else’s?
Home Prices Will Continue to Rise
A recent report indicated that home prices increased by 6.9% in the past 12 months. The same report is predicting that these home prices will continue to rise, They are saying there will be an additional 4.8% in the next year. Prices will continue to rise, we are past the bottom.
Financial and Stability
IF buying a home is in your future, now is a better time to buy than later. Plus you can enjoy the stability provided by owning your own home, rather than moving every few years when the landlord decides to raise the rent too high or decides to sell the property. When you own your mortgage payment is locked in, and won’t rise like your rent will
