Fall is just a few days away now, which is exciting for a number of reasons. Apart from the crisp autumn weather and football season, it’s also a great time to buy a home! Here are four reasons why:
1. Home prices are increasing. Price growth is showing no sign of slowing down as we get closer and closer to fall. If you plan on purchasing a home anytime soon, it’s better to make your move in our fall market rather than in the future, when it’ll be less affordable.
2. Interest rates will continue to rise. Rates have been unbelievably low for an unbelievably long time. Nevertheless, they won’t remain that way forever. And given that your interest rate will directly affect how much your mortgage payment will be, you don’t want to wait for rates to start trending upward.
3. You’re paying someone’s mortgage regardless. If you’re a renter, look at it this way: You can start paying your own mortgage while conditions are on your side or you can continue paying your landlord’s mortgage. Now, if you’re living in your parents’ basement rent-free, it’s probably safe to assume they’ll want you out sooner rather than later.
4. Now might be the time to realize your goals. A common sentiment among would-be buyers is, “We’ll just hold off until next spring or next fall.” But it’s a good idea to give deeper consideration to your reasons for wanting to buy a home. Perhaps it’s because you’d like to put down roots and have a foundation upon which you can grow with your family. Or maybe you’d like to move up and improve your circumstances and lifestyle.
While decisions like this can be hard to make, it’s important to get an outside opinion sometimes. One of the many resources we provide is a consultation where we help you with that very thing. So if you have any questions or would like to set up a no-obligation consultation with us, please reach out to us. We’d be happy to help!