Here are a few great reasons why it’s beginning to look a lot like home-buying season.
Higher home prices on the horizon
In the past year, home prices nationwide increased by almost 11 percent, according to Clear Capital, a provider of real estate data and analysis. Forecasts point to continuing home price increases for the remainder of 2014. Plus, housing market analysts and economists predict home prices to appreciate by more than 19 percent from now until 2018. The bottom in home prices has come and gone – and waiting to buy a home may no longer be the right option.
Rates ratcheting up
The Mortgage Bankers Association, Fannie Mae, and Freddie Mac project rates to increase by up to a full percentage point by the end of next year. Waiting to buy a home could result in a higher rate, which impacts your monthly mortgage payment. Your housing expense could be much more in a year than if you buy a home now.
Waiting to buy could cost you more in down payment and mortgage payment
Now may be the right time to make the move, and set your sights on your next home. Talk to your real estate and mortgage advisors to learn more about your options.