This summer is the perfect time to consider purchasing a home. An article published by RealtorMag details three reasons buyers should not delay a home purchase any longer.
To start, home prices are not expected to remain steady at current prices, let alone dip below current values. In fact, home values have been increasing over the past twelve months and are expected to appreciate over the next five years at a rate of at least 3.2 percent a year.
Furthermore, mortgage rates are still hovering close to the record low, last week averaging 3.41 percent for a 30-year fixed rate mortgage. However, it is predicted that these rates will rise soon. In fact, it is expected that mortgage rates will rise an entire percentage point by next summer.
As a result, households currently renting instead of owning should consider moving forward with a home purchase. As documented in a Harvard housing study, renting does not make financial sense for most households. Renters miss out on not only the tax breaks that come with home ownership, but instead of paying down on their own investment, they are helping landlords pay off their investment plus a rate of return.
Read the entire article.