Why You Should Buy a Home this Fall
While there are always variables in the current housing market, the forecasts surrounding it, and the personal financial considerations guiding your decision to buy a home, this fall may be a great time to move forward with your dream to buy. Let’s look at four great reasons to stop waiting and buy a home this fall.
1. Mortgage Interest Rates Are At Historic Lows
We know you can’t escape hearing it right now, but it’s true: mortgage rates are at record lows. While they aren’t predicted to rise anytime soon, nothing is a guarantee in real estate. So it’s best to take advantage of them now by buying a home this fall!
2. Prices Will Continue to Rise
While mortgage rates may be at record lows, home prices are continuing to rise. The low rates have led to high demand, and that coupled with low inventory is only making prices go up more. Since mortgage rates aren’t predicted to go down any time soon, neither will housing prices. So if you’re waiting for that big crash this fall, you may be waiting in vain. Also, if you are planning to continue saving for a down payment, chances are home prices will rise at a faster rate than your savings.
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. However, if you buy a home this fall, you can start creating equity for yourself.
4. There is More Work Flexibility Right Now
Buying a home is a huge commitment and that can be a deterring factor for some people. However, as life and work become increasingly remote, buying a home and settling in one place doesn’t mean you’re only stuck with jobs in your area. More and more jobs are going remote, meaning you can live wherever you want! This makes the commitment to buying a home much less scary and allows you to have plenty of other opportunities.
We Are Ready to Help
If buying a home this fall is right for you and your family, buying sooner rather than later could lead to substantial long term savings. If you’d like to set up an appointment to talk about your individual situation, please fill out the form below. The Long Beach experts at The Shannon Jones Team are happy to talk about your finances and talk through any hesitations you may have. We look forward to hearing from you!