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Thinking of Buying Your Dream Home? DO IT NOW!

A recent survey showed that 3 out of 4 future home buyers (who are not first time buyers) plan to move up to some form of a ‘better’ home. The breakdown:

  • Move to a significantly bigger home (49%)
  • Move to a nicer home (17.5%)
  • Move to a nicer part of town (8.6%)

If you or your family falls into any one of these categories, you should strongly consider making the move sooner than later. The ‘cost’ of your new dream house will be determined by two factors: the price of the house and the mortgage interest rate. Both are projected to increase this year.

Prices Set to Increase

In the recent Home Price Expectation Survey, 105 leading housing analysts called for a 3.1% increase in home values by the end of 2013.

Mortgage Interest Rates Projected to Increase

According to the Mortgage Bankers Association, after reaching record lows in 2012, the 30 year mortgage rates are expected to creep up slowly in 2013 to 4.4%.

Now is a great time to buy the home you always dreamt of owning. However, the longer you wait, the more it will cost.

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3 replies
  1. steve
    steve says:

    With the costs of Obamacare are not just hitting private businesses this year–they are also hitting the government, and public employees as well. For example, many government, and public employers are about to limit employees to 29 hours per week in order to avoid triggering Obamacare’s requirement that employers provide health insurance to those working 30 hours per week or more. This seems to be a big trend.

    Question: How will this affect housing in the coming years?

    • KCMcrew
      KCMcrew says:

      Of course, any reduction in hours would lead to a reduction in income. Any reduction in income would lead to a person qualifying for a lower mortgage amount. This could impact prices.However, we will have to wait and see how many people are actually impacted.

    • Andy Fulton
      Andy Fulton says:

      Define “many.” I can’t name a single company or government agency that is planning on doing so.

      Ditto what the KCMcrew said – any impact that Obamacare might have on the housing market would come from its impact on consumers.


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