Here are some reasons to buy this winter instead of waiting!

  1. Prices are going to continue to increase.  Fannie Mae increased their conforming loan limits after seeing that prices increased almost 7% from 2016.  There was also an increase from 2015 to 2016.  They are estimating an increase of about 4% in 2018. More than likely the bottom has come and gone – home prices will more than likely continue to increase. If you were waiting for the bottom to hit, you have probably missed it!
  2. Mortgage interest rates are expected to increase. Interest rates have been hovering around 4% for some time.  Many experts expect rates to increase over the next twelve months.  The higher the rates go, the less you can qualify for in a house payment.  An increase in interest rates will definitely affect your house payment – or what you can afford to buy.
  3. Some people are renting because they don’t want the mortgage payment – if you aren’t paying your own mortgage, you are probably paying someone else’s mortgage! As a homeowner, a mortgage is a type of forced savings account – you are paying down your mortgage and gaining equity in your home. Some may not want the commitment of a long mortgage so they keep renting – some may not be able to qualify for a mortgage. But if you can qualify, it may be time to buy!
  4. It may be time to move on with your life! If you are currently living with your parents, maybe it’s time to move out on your own. If you are in an apartment, maybe it’s time to buy your own home. The cost of your monthly payment is determined by the price of the home and the interest rates. With both on the increase, the best way to keep your payment down is to buy sooner than later.

The best thing you can do now is to decide why you want to buy – do you want a bigger home? Do you need somewhere safer for your children? Do you want to paint and decorate more than your landlord will let you? Do you want a garden? Ask yourself these questions and decide whether it’s time now to buy – or do you wait knowing the prices will probably increase!

Leslie Vanderwerf,  NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website

About Leslie Vanderwerf

Currently a Branch Manager for American Mortgage and Equity Consultants, Inc., it's hard to believe I have been in the mortgage business for more than 25 years and have worked with Sharlene since 2000! I love sharing mortgage insights here each week and helping people finance their homes. Listening helps me find the right program for you!

Related Posts

Repairs to Consider When Selling

I ran across another great article by Elizabeth Weintraub and thought I would pass it along:   Quick fixes before selling a home always pay off, but which repairs bring the biggest return? Specific answers to this often-asked question largely depend on a variety of factors such as: Time of year Location of the home.

Read More

Student loans? Trying to get a mortgage?

So many people come out of college with student loans – whether you have graduated or not!  Depending on your income you may not have to make payments right away or they may be deferred if you are still in school.  I get a lot of calls from clients that want to buy a home.

Read More

Welcome to another Sharlene from North Dakota!

When the stager I have worked with for years who also posted regularly on this blog 'retired' from staging last month I was looking for a new guest staging blogger. Inspector Reuben, who has been posting here every Tuesday since I started, recommended getting in touch with Shar Sitter… so I did. It was pretty amazing when.

Read More

Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz