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Thinking of Buying a Home? What are you waiting for?

Tuesday, February 23, 2016   /   by Dan Malloy

Thinking of Buying a Home? What are you waiting for?

With spring right around the corner, you may be wondering if you should wait to enter the housing market. Here are four great reasons to consider buying a home today instead of waiting.




  1. Prices Will Continue to Rise




CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.


The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.




  1. Mortgage Interest Rates Are Projected to Increase




Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained below 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & theNational Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year.


An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.




  1. Either Way You Are Paying a Mortgage




As a 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.”




  1. It’s Time to Move On with Your Life




The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.


But what if they weren’t? Would you wait?


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.


If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.


Bottom Line


If you are ready and willing to buy, find out if you are able to. Meet with a local real estate professional who can help you find your dream home.

Malloy Home Team at Premier Brokers International
Dawn And Dan Malloy
9123 N. Military Trail, Suite 104
Palm Beach Gardens, FL 33410
561-876-8135
561-370-5736

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All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.