June 4, 2018 rummy 0Comment

What’s the first thing that comes to your mind when you heard the word, Summer? I’m guessing –beach, vacation, camping, travel, barbecue and so many more! But, did you know that Summer is a great time to purchase your dream home? Doubtful? Here are the 4 reasons why you should buy a home this summer.

1. Prices Will Continue to Rise
Core Logic’s latest Home Price Insights reports that home prices have appreciated by 7% 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.

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 increased by half a percentage point already in 2018 to around 4.5%. 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 nearly a full 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 it is your goal to live in the home of your dreams. Think ahead and foresee the future, especially now that the market price is rising, buying sooner rather than later could lead to substantial savings. Don’t worry we will help you find your dream home at your price. Call us or check our website below.

Reference: https://bit.ly/2kLwK0J

914.920.2299

www.NYREEX.com

 

New York Real Estate Experts Facebook

Rummy Dhanoa - Broker with New York Real Estate Experts