June 07, 2019
Has the low inventory been giving you pause about moving ahead with your plans to purchase that new home? Here are all the GOOD reasons why you should make that purchase this summer rather than waiting any longer:
1. PRICES AREN’T GOING LOWER
Over the past year home prices have appreciated an average of 3.7%. Price increases have slowed, but are expected to rise almost another 4.8% over the next year. With prices appreciating year over year, waiting may cost you extra rather than benefit you.
2. HOWEVER YOU LOOK AT IT YOU ARE PAYING A MORTGAGE
If the responsibility of a mortgage is what has you hesitating, consider that unless you are living rent free that payment each month is paying a mortgage! It just isn’t yours and you aren’t enjoying the financial benefits of ownership, either. What benefits? Glad you asked! Equity building – that price increase mentioned in item #1? That’s equity – money in the pocket of the home owner. That could be your pocket clanging with new coin. Maybe it really is time to put the monthly payment for housing to work in your favor instead of someone else’s.
3. OH THOSE MORTGAGE INTEREST RATES!
They recently dropped. Actually went DOWN, although all projections showed them moving UP just a few months ago. And they may indeed rise next month or next year. But right now, they are low, so low you may be able to afford a lot more house than you thought you could.