For many people, homeownership is a BIG dream. Purchasing a home is the most complicated financial transaction most of us will ever make, and since that home will serve as the location for so many of the memories you will make going forward, it’s easy to understand why people build it up in their heads. But unfortunately, sometimes the fact that homeownership is such a big dream causes people to hold off until “later.”

 

But sometimes “later” never comes! The truth is that, as long as it makes sense for you financially, the time to start your home search is NOW! Read on to discover 4 reasons why.

 

Prices are going up. You know the phrase “good things come to those who wait”? Well, a lot of times that is true. But in today’s housing market, waiting isn’t going to get you anywhere! The truth is that prices are still going up and not projected to drop anytime soon. CoreLogic’s latest Home Price Index reports that home prices have gone up by 6.7% over the last 12 months and are expected to go up another 5% next year. Home values are on the rise for the foreseeable future, so waiting doesn’t save you any money.

 

Mortgage rates are projected to go up. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors all project that mortgage rates will increase by this time next year. If you expect to need a mortgage (as most homebuyers do) to purchase your home, understand that waiting is likely to result in higher monthly payments due to interest and more interest paid out over time.

 

You’re already paying a mortgage! There is certainly responsibility associated with homeownership and if you aren’t ready for that responsibility, we don’t advise you purchase a home. But if you are ready for that added responsibility, you have to understand that renting is no different than paying a mortgage except for the fact that it is your landlord’s mortgage that you are paying, not yours.

 

You’re ready for the next step. Only you know if now is the right time for you to become a homeowner. But, as we mentioned earlier, people often overestimate what it takes to become a homeowner and trick themselves into waiting longer than necessary. As we have seen with rising home prices and mortgage rates, waiting too long could result in substantially higher overall costs.

 

So, what do you think? Is it time for you to become a homeowner? Curious to see what homes are out there and what your price range might be? Browse our updated list of the area’s available homes! Want to talk to one of our expert agents about your situation? Get in touch. We are ready to help you.