5 Reasons to Buy A Home This Winter
1. Don’t Throw Your Money Away in a Rent
Some renters might not be comfortable taking on the obligation of a mortgage, that’s why they stick to renting. But if you think about it, the money you spend every month for your rent, you could spend it on a mortgage.
2. It’s Not as Expensive as you may think
You may read that you need a 20% down payment in order to buy a house. Remember that most first time buyers usually make a 3.5% down payment (FHA or conventional loan).
3. Prices Will Keep Increasing
Investors are concerned with potential uncontrolled inflation and if the Fed is/will raise rates too aggressively. According to a CoreLogic Home Price Insight report, home prices have been appreciated by 5.6% in 2018. We should also expect prices to continue to increase by 4.7% in 2019. The Fed also projects three more increases in 2019 and two in 2020. Waiting no longer makes sense.
4. Interest Rates Are Going to Increase
All projections are calling for rates to increase through 2019. While it might be true that rates have hit their 7-year highs, they are still more than a full point lower than they were 10 years ago. 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.
5. Retire Early
Investing in Real Estate is a smart and safe way to create financial independence. Our agent, Bess Tracy, offers to help Millenials, offering keynotes and networking with seasoned investors, financial advisors, accountants, and authors of related books. This group is called F.I.R.E. (Learn Financial Independence & Retire Early) and happens every month. You can follow this link for more information about the next event or follow this link to contact us!
By Caroline Germano - Dec 24, 2018