Keeping Current Matters (KCM) pinpointed the TOP FOUR reasons why now is the best time to buy a home:
1. Prices Will Continue to Rise The Home Price Expectation Survey projects appreciation in home values over the next five years to be between 30.8% (most optimistic) and 9.4% (most pessimistic).
TRANSLATION: Home prices will increase in the coming years.
2. Mortgage Interest Rates Are Increasing Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison; projecting that rates will be up almost a full percentage point by the end of next year.
TRANSLATION: Increased mortgage rates mean a higher monthly mortgage payment.
3. Either Way, You are Paying a Mortgage As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”
TRANSLATION: Whether you rent or own your home, you will have to pay down a principal. As a homeowner you pay on your own principal, as a renter you pay down the landlord’s principal.
4. It’s Time to Move On with Your Life Look at the actual reason you are buying and decide whether 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 renovations, maybe it is time to buy.
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