Here are the KCM blog's top 3 reasons to buy a house now, rather than later.
1. Prices are rising, and will continue to rise
According to recent findings from the Home Price Expectation Survey (comprised of over one-hundred respected economists and market analysts), home values are expected to appreciate anywhere between 12.3%-32.8% over the next five years. This figure, coupled with recent speculations that low housing inventory does not expect to improve any time soon, suggests to potential buyers that waiting will most likely not improve your odds.
2. Mortgage interest rates are increasing - fast
Mortgage interest rates were at an all-time low earlier this year, but they are now on the rise without any sign of slowing. The National Association of Realtors, the Mortgage Bankers Association, Freddie Mac and Fannie Mae, have all projected that 30-year-fixed mortgage rates to rise to somewhere between 4.8 and 5.1% by next year. If you wait a year, your mortgage will cost more than it would now, which could definitely inflict a heavy impact on your budget.
3. Getting it doneYes, the price is a huge hurdle to achieve under any circumstance, and is largely affected by both a) the current price and availability of homes on the market, and b) mortage interest rates. Both of these are relatively favorable for buyers at this present moment, but as economists speculate, this may not be the case for long.
But take price out of the picture for a second. Regardless of market conditions, would you still wait to buy? Or is it truly a matter of price? If you are on the fence about buying within the next 5 years, the bottom line is getting it done now will put the market on your side - likely much more than it will be if you wait. If it is the right thing for you, your family, and your budget, we suggest jumping on this bandwagon because it will almost guarantee that you will save.
Want some help with getting started? Need to be pointed in the right direction? Not entirely sure how your situation can allow you to buy? Give me a call - talking to someone with an experienced Chicago real estate broker will help you make an informed decision.