I’m going to give you three reasons why you should buy a home this fall. After reading them, you should decide whether to buy now or wait. Read carefully – there may be a test involved.
- Home prices will continue to rise.
In the past twelve months, the average home price has increased by over 6%. Let’s put that in perspective. If you purchased a home twelve months ago for $400,000, that same house now, on average, is worth $424,000. And home prices are predicted to rise another 5% over the next twelve months. That house you didn’t purchase twelve months ago will be worth, in another twelve months, $445,200 ! The bottom of the market has come and gone. It is predicted that home prices will continue to appreciate for years to come. What are you waiting for?
- Mortgage rates will rise.
The interest rates have been hovering around 4% for quite some time. The Federal Reserve has raised interest rates already. They have also stated the interest rates will continue to rise. If you wait, you will not only pay more for a house, you will also pay a higher interest rate if you wait. Do you want to pay more for your home?
- If you buy, you’ll pay a mortgage.
But if you wait, and continue to rent, you will also pay a mortgage. The difference is, if you rent you pay the landlord’s mortgage. Would you rather pay your own mortgage?
So – here are the answers. Let’s see if you passed the test.
- What are you waiting for?
the proper answer is “ There is no reason to wait”
- Do you want to pay more for your home?
the proper answer is “ Don’t be ridiculous, there is no reason to wait”
- Would you rather pay your own mortgage?
the proper answer is “ Well, that’s a no brainer. Of course I want to pay my mortgage”
Did you pass the test? If not, you need to read this post again and again until you do pass. And if you did pass, call Bunny and Art to begin your search for a new home.
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