June Is Home Ownership Month
Hey, did you know that June is National Home ownership Month?
Here are four reasons to consider buying today instead of waiting. Hi, I’m Paula Quinn with RE/MAX Central, and number one is that prices will continue to rise. Core Logic’s latest US Home Price Insights reports that home prices have appreciated by 3.7% over the last 12 months, and that same report predicts that prices will continue to rise at a rate of 4.8% over the next year. Home values will continue to appreciate. Waiting may no longer make sense.
Number two, mortgage interest rates are projected to increase, even though rates as a whole recently dropped. Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage have started to level off at about 4.3%. Most experts predict that the rates will rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac, Fannie Mae, and the National Association of Realtors are all in unison on this, that projecting rates will increase by this time next year. An increase in rates will impact your mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary for you to buy your next home.
Number three, either way, you’re paying a mortgage. Some renters have not yet purchased a home because they’re uncomfortable about taking on the obligation of a mortgage. Everyone should realize that unless you’re living at home with your parents rent-free, you are paying a mortgage, either yours or your landlord’s. As an owner, your mortgage payment is a form of kind of for-savings, which allows you to have equity in your home that you can tap on later in life. As a renter, you guarantee your landlord is the person with that equity. Are you ready to put your housing cost to work for you?
And number four, it’s time to move on with your life. The cost of a home is determined by two major components: the price and the mortgage rate. It appears that both are on the rise, but what if they weren’t? Would you wait? Examine the actual reason that you’re buying and decide if it’s worth waiting. Whether you wanna have a great place for your children to grow up, a safer place for you and your family to have, or just having control over renovations, or fire pit in the backyard, now could be the time to buy.
Bottom line, if the right thing for you and your family is to purchase a home this year, buying sooner versus later could lead to substantial savings. If you have any comments or questions, please like or comment below, and please share with anybody that you think could benefit from these tips. Creating a tradition of trust, your realtor for life, Paula Quinn with RE/MAX Central.
June is home ownership month – what could this mean for you!?
