Finding the perfect house for your family is the biggest criteria that we consider when shopping around. I’d have to say that it is a great factor in choosing a property we want to reside in for the next years to come. At the same time, there are other criteria in your list to consider as well and shouldn’t be ignored, like the market conditions.
Here are 3 good reasons why you should think of purchasing a house this summer.
1. Increasing rent.
Each year, rent prices goes up and up and up and there’s no stopping it. Why are you still renting? With a favorable tax treatment of owning a home, it is more beneficial for home owners to pay debt service to pay down their own principal compared to those household that pays the landlord’s principal plus a rate of return, according to a paper from Harvard University ‘s Joint Center for Housing Studies.
2. Prices are going to rise.
So this is ‘buyers’ market as what they say, but it won’t be like that for too long. Homes aren’t going to be cheaper, they increase in value over time. In fact, home values are projected to climb more than 3.2 % over the next five years! Clearly, this is something worth thinking about.
3. Mortgage rates are LOW… for now.
Borrowing costs have hit three-year lows recently, why wait when the opportunity is here and now? Home buyers can even save costs on mortgage and economists are predicting the rise soon enough. It is predicted by NAR and the Mortgage Bankers Association that by this time next year, rates will increase nearly a full percentage.
Keller Williams Realty GR West
550 Latona Rd., Bldg. C, Ste 301
Rochester, NY 14626