Here in Central Ohio… the temperatures are definitely freezing this time of year! You may think that the housing market will do the same, cool down. You’d be surprised to know that right now, in the winter… may be the best time for you to buy a home…EVER! Read these reasons why you should buy now… and not wait until Spring!
1. Prices Will Continue to Rise
The latest reports from the Columbus Board of Realtors is 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 5.2% over the next year. The market is only going to continue to rise for home prices. You’re going to pay more for a home, the longer you have to wait. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates are Projected to Increase
Your monthly housing cost is as much related to the price you pay for your home as it is to the mortgage interest rate you secure. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year. An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way You’re Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living 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 ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Your landlord is the one pocketing the money you could be putting into the savings account that is your home, not theirs! Stop making your landlord rich. Own your home for the price you pay in rent!
4. 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 now is the time to buy.
If you’re already paying more than $600-750 per/ month in rent… it’s time to make the move from renter to homeowner! Call us today to find out if you could be in a good position to buy. If you’re not in a good position, let us guide you to what you need to know to get you there!
Contact us anytime:
Kayla Staup, Realtor