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5 Reasons to Buy a Home Now Instead of Spring

5 Reasons to Buy a Home Now Instead of Spring

Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five reasons purchasers should consider buying before the spring market arrives:

Supply Is Shrinking

With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.

Price Increases Are on the Horizon

Prices are projected to appreciate by over 25% from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.

Owning a Home Helps Create Family Wealth

Whether you are rent or you own the home you are living in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.

Interest Rates Are Projected to Rise

The Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the this time next year. That is an increase of almost one full point over current rates.

Buy Low, Sell High

We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy.


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7 replies
  1. Pete Sambets
    Pete Sambets says:

    As a Realtor in the business the past 10 years, I’ve recently wondered if the public is tired of hearing us repeat the phrase, “now is the best time to buy!” It IS undoubtedly the best time to buy! But I just recent had a conversation with a buyer client who pointed out that if they had locked in a mortgage just last week, their mortgage rate would have been higher! OK, 4.32 from4.39 isnt

  2. Pete Sambets
    Pete Sambets says:

    (…continued..). isn’t a reason not to buy, we were all looking and anticipating and preaching that rates would be over 5% (of course with the caveat that we DON”T really know, but all the experts are leading us to this conclusion…!). How long do we keep using the same headline? Even as a Realtor, I am getting tired of the campaign!

    • allenw@johnlscott.com
      [email protected] says:

      you were right in your prediction that interest rates will be above 5%. what none of us knows is when this will happen but even the Fed thinks it will.

      In addition, there are other compelling reasons to buy now.
      1. inventory is shrinking in most areas. With strong demand and low inventory, prices will rise.

      2. Prices will continue to rise even if we dont have constrained inventory as the housing market continues to improve, prices have risen by 10% in my area and the prediction is for 5% this year and next. So lock in a lower priced home now along with the lower rates should be the message.

    • Cynthia
      Cynthia says:

      Then don’t campaign. Think of something more clever but why write all of this. You are self defeating and hurting yours and all of us Realtors when you write stuff like this. You are letting the air out of the balloon and that is counter intuitive. Keep the negative stuff to yourself please.

    • Raleigh Real Estate Agent
      Raleigh Real Estate Agent says:

      Mortgage rates are historically low. Even with the rise. I, personally am excited that the market is getting better and better. I understand it’s a continual “campaign” BUT that’s our job! It is a great time to buy a home. Especially an existing home. I hope that new home sales and supply issues get better, but for now, I am happy!


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