Reasons You Should Buy A House Today

Are you planning to purchase a house soon? If you are like most first-time home buyers, you have probably heard your friends, family, and co-workers encouraging you to buy a home. Buying a house a considerable investment and a big decision to make. You must be purchasing a house for a valid reason and not just because you feel like it or your peers have pressured you.

While purchasing a home is usually referred to as the American Dream, there are a lot of benefits when you buy one soon. However, you may still wonder if acquiring one is the best thing to do. Don’t worry; it is perfectly normal to have doubts about it. The more you understand why you should buy a house, the less scary the process will be for you.

Do you have mixed emotions about purchasing a home right now? Below are four great reasons why you should buy a home today instead of waiting.

1. Prices Will Continue Rising

House prices have risen from 3% to 6% for the past 20 years in the U.S, and it is expected to continue. According to CoreLogic’s latest Home Price Index, home prices have increased by 3.4% over the last 12 months. The same report predicts that rates will continue to rise at a rate of 5.2% over the next year.

If you purchase a home now, you are putting your capital in a secure long term investment where it’s possible to grow. House rates will continue to appreciate and will not wait on when you are going to be ready. And waiting for the right time may not come and may not make sense any longer. Furthermore, interest rates are currently low, which means home loans are incredibly cheap now!

2. Mortgage Interest Rates Are Predicted to Double
In a Primary Mortgage Market Survey by Freddie Mac, it revealed that interest rates for a 30-year fixed-rate mortgage are now at its lowest level in nearly three years at around 3.6%. This is a piece of excellent news for buyers since lower mortgage rates make purchasing much more affordable. However, experts predict that these rates will double over the next 12 months. An increase in interest rates will affect your monthly mortgage payment, and your housing expense will likely increase a year from now.

3. You Are Paying For a Mortgage
Some renters haven’t decided to purchase a home yet because they don’t want to pay a mortgage. However, you should realize that unless you are living with your parents for free, you are paying a mortgage. As a renter, you are either paying your own mortgage or that of your landlord.

As a homeowner, your mortgage payment is a form of “forced savings” that entitles you to have equity in your house. You can use this equity later into life. As a tenant, you ensure your landlord has that equity.

4. The Best Time Is Now
Your housing expense is determined by two factors: the price of the house and the current mortgage rate. However, both are expected to increase.

But if ever they won’t increase, would you continue waiting or purchase now? Know the reason why you’re buying and determine whether it is worth the wait or not. If you wish to have an excellent place for your kids, a safer place for your family, or you want to have greater control over renovations, the best time to buy could be now. If you think that the right thing for you and your family is to buy a house this year, then buy sooner to save more money.

If you aspire to buy a house soon and you ready to acquire one, why wait when you can buy now? Purchasing a home soon can lead to lower mortgage rates and home prices, as well as substantial savings. When you are ready but still choose to wait, you might end up buying a house at a much higher price compared to the initial price offered to you before.

If you are now ready to acquire a house, you may consider seeking Platinum Group Estates’ help in looking for the home that would meet your needs and wants for a house. When you choose to work with Platinum Group, you’ll get the benefit of being able to see more than what other agents will show you.