2018 Fall Buyer's Guide

Dated: 09/29/2018

Views: 80

TABLE OF CONTENTS

 

3 - 4 Reasons To Buy A Home This Fall

 

WHAT'S HAPPENING IN THE HOUSING MARKET?

 

5 - Home Prices Over The Last Year

6 - Mortgage Rates Rising... Will Home Prices Follow?

8 - Do You Know The Cost Of Waiting To Buy?

9 - Be Thankful You Don't Have To Pay Mom And Dad's Interest Rate

10 - Buying A Home Is Cheaper Than Renting In The Majority Of The US

 

WHAT YOU NEED TO KNOW BEFORE YOU BUY

11 - Starting To Look For A Home? Know What You Want Vs. What You Need

12 - You Do NOT Need 20% Down To Buy Your Home!

14 - 61% Of First-Time Buyers Put Down Less Than 6%

15 - Why Pre-Approval Should Be Your First Step

16 - 5 Reasons Homeownership Makes 'Cents'

 

WHAT TO EXPECT WHEN BUYING A HOME

18 - Getting A Mortgage: Why So Much Paperwork?

19 - Why Working With A Local Real Estate Professional Makes All The Difference

20 - Have You Put Aside Enough For Closing Costs?

22 - Ready To Make An Offer? 4 Tips For Success

Below 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 6.8% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% 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 already increased by half of a percentage point, to around 4.5%, in 2018. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting that rates will increase by half a percentage point 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 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 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.

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.

Blog author image

Tom Leber

As an agent who's an expert in the Heights community, I bring a wealth of knowledge and expertise about buying and selling real estate in this unique part of Tampa, FL. It's not the same everywhere, s....

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