Are you ready to buy a new home? Are you ready for more space or maybe even less space? You may be thinking this is the wrong season for buying and selling homes with winter around the corner. Actually, this is a great time to buy. Mortgage interest rates are projected to increase so this is the time to buy before the snowfalls. Here is what you need to know about home buying before winter.
Mortgage Interest Rates Increasing
A survey done by Freddie Mac’s Primary Mortgage Market shows that 30-year mortgages are softening, but they are going to rise again by the end of the year. Rates are expected to be up a full percentage point, which will affect your monthly mortgage payment. If you wait any longer, rates could be even higher than now.
Prices are on the Rise
According to The Home Price Expectation Survey studied by over 100 economists, housing market analysts, and investment strategists, it is expected that home prices are rising. Reports show that the lowest home prices are a thing of the past. While home values will always be appreciating, home prices are going up. Why not purchase a home while they are at the lowest they are going to be?
Either way you go, you are going to end up with a mortgage. If your family is ready to move now, why not move? Having a mortgage makes more sense than renting so if you are currently renting, it’s smarter to put your money towards the investment of a mortgage.
Both home prices and mortgage rates are on the rise, so purchasing now can save more money than buying in six months. Whether your family is expanding or you are looking to downsize in retirement, this is the time to buy.
While you may not want to move during the cooler months, at least you’ll avoid moving in the hot summer season. Move now to save yourself money and to get your family in your dream home sooner.