All signs point to this summer being a great opportunity for homebuyers. Mortgage rates and home prices are holding steady, though those prices are not expected to last. If you’ve been considering a move, this could be the ideal time to buy your first home, purchase a bigger home, or a home in a better location – for less money.
This homebuying advice can help:
Housing prices are going to increase. The recent US. Home Price Insights report by CoreLogic shows that home prices have appreciated by 3.7% over the past 12 months. The report predicts that home prices will continue to rise at a rate of 4.8% through the next year. With home values expected to continue to go up, waiting to buy may no longer make sense.
Mortgage rates have hit recent lows. Freddie Mac reports that rates for a 30-year fixed rate mortgage have stabilized at 4.3%. Housing and economic experts agree that by this time next year, the rates will climb. This means your monthly payments will increase if you take out a mortgage a year from now versus today.
You are paying someone else’s mortgage. If you are renting, you are contributing to your landlord’s net worth. Buying a home puts your monthly housing costs to work for you – not for someone else. As a homeowner, your mortgage payment is a type of forced savings which allows you to have equity you can tap into later in life.
Waiting to buy could cost you. The cost of owning a home is determined by two things – a home’s price and the current mortgage rate. Both are expected to rise. But what if they weren’t? Would you still wait to buy? Ask yourself the reasons you want to buy a new home and decide if it is worth waiting to buy when prices are higher.
You may be a renter, ready to stop paying rent and start building equity with your starter home. Or you may be ready to move up into the home of your dreams. Either way, Resource Financial Services has the full range of loan options and the expertise to help you take advantage of this summer’s housing market.
At Resource Financial Services, we love making people’s dreams of home ownership a reality. We start by helping you find your home with our online search tool. Visit us online today at rfsmortgage.com to get started. Then contact a Resource Financial Services mortgage banker at 877.797.4545 to discuss your mortgage options and your financial goals. Let us walk you through the process and welcome you home to a better mortgage.
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