Chesapeake Real Estate: Spring Arrives!!

March 20th, 2017 By Bryan Cerny in 1st Time home Buyers,Blog,Buying and Selling Real Estate,Financing,First Time Home Buyer,Home Sellers,Houses,Listings,Mortgages,Senior Topics and Decisons. Tags: , , , , , , ,

Spring is a great time to take a fresh look at one’s situation!!!  All the warm temps and blossoming flowers always signals the “rebirth” in nature with colors galore, birds singing and darting between trees and all the wonders of the season.

Now is a great time to reassess your situation.  As I tell many home sellers and buyers, Spring is a time at morning coffee that a couple or individual in the freshness of the day decides it’s time to take action.  It could be with Spring cleaning, cleaning out the overpacked garage or storage unit or deciding to do all that work to prep to sell.  Some it might be ignore those chores and instead find sparkling new house with lots of storage.

There are lots of reasons to make a move!!!

 

4 Great Reasons to Buy This Spring! | Simplifying The Market

4 Great Reasons to Buy This Spring!

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 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

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

2. 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 around 4% over the last couple months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by at least a half a percentage point 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 are 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 build 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.

Are you ready to put your housing cost to work for you?

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 if 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 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.

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