Why is summer a good time to buy a home?
We know that the housing market is usually busier in the summer. But why? Why is the summer a good time for people to buy a home? According to keepingcurrentmatters.com, there are four main reasons for this.
1) Prices will continue to rise
-Home values continue to appreciate. In fact, they have appreciated by 7% over the last 12 months, according to CoreLogic. That report also predicts that the price of homes will increase by 5.2% over the next year.
2) Mortgage interest rates continue to increase
-Interest rates for a 30-year mortgage have increased by 0.5% to around 4.5% in 2018, according to Freddie Mac's Primary Mortgage Market Survey. The National Association of Realtors, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all project that the rates will increase by nearly a full 1% by this time next year.
3) Either way, you are paying a mortgage
-Are you paying rent right now? Isn't that money that could be going towards YOUR mortgage and not your landlord's mortgage? You are already paying it, but you are deciding whose mortgage you are currently paying.
4) It's time to move on with your life
-Prices of homes and mortgage rates are projected to increase. If you are thinking about moving, there is a reason. Are you going to wait and let those rates continue to increase? Or do you know that now is the time to make the move for yourself and/or your family? Buy sooner and not later. Save yourself some money.
Still want to wait?