Happy New Year from all of us here at Jaleesa Peluso, Orange County Real Estate! Here are 4 reasons why you should buy this winter.
1. Prices Are Expected to Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.0% over the last 12 months. Despite the new Tax Bill, prices are expected to continue to increase but perhaps at a slower rate than before.
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 hovered around 4%. 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 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.
About Jaleesa Peluso, Orange County Realtor & Certified International Property Specialist
Between the Orange County Canyons to the Coast, Jaleesa and her team successfully connect buyers and sellers & landlords and tenants. Thinking of leasing, buying or selling your home? Call us now at (949)395-0960!