If you need assistance, please call 504-780-9422

4 Best Reasons to Buy a Home This Fall

Monday, November 11, 2019   /   by Betsy Birdsong

4 Best Reasons to Buy a Home This Fall

The spring market blooms right along with the flowers, but the fall market often dwindles with the leaves — and this slower pace could be good for buyers.

 

If you’re in the market for a home, here are four reasons why fall can be a great time to buy.

 

Here are four great reasons to consider buying a home today, instead of waiting.

 

1. Prices Will Continue to Rise

 

CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% over the next year.

 

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

 

2. Mortgage Interest Rates Are Projected to Increase Next Year

 

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%.

 

This is great news for buyers in the market right now, because low interest rates increase your purchasing power – but don’t wait! Most experts predict rates will rise over the next 12 months.

 

The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

 

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is needed to buy your next home.


 

3. Either Way, You Are Paying a Mortgage 

 

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you are paying a mortgage – either yours or that of your landlord.

 

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

 

Are you ready to put your housing costs to work for you?

 

4. It’s Time to Move on With Your Life

 

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears both are on the rise.

 

But what if they weren’t? Would you wait?

 

Look at the actual reason you’re buying and decide if it is worth waiting for. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over custom renovations, maybe now is the time to buy.

 

Bottom Line

Buying a home sooner rather than later could lead to substantial savings. Reach out to a local real estate professional to determine if home ownership is the right choice for you and your family this fall.

 

If you can afford to buy now, you'll thank yourself in the long run—and whenever your friends get their annual rent increases.

The Birdsong Group brokered by eXp Realty, LLC
Betsy Birdsong - Associate Broker
Branch Office - 2201 Veterans Memorial Blvd. Suite 405
Metairie, LA 70002
504-780-9422
Licensed in Louisiana

Copyright 2020 New Orleans Metropolitan Association of REALTORS®, Inc. All rights reserved. The sharing of MLS database, or any portion thereof, with any unauthorized third party is strictly prohibited. “Information contained on this site is believed to be reliable; yet, users of this web site are responsible for checking the accuracy, completeness, currency, or suitability of all information. Neither the New Orleans Metropolitan Association of REALTORS®, Inc. nor the Gulf South Real Estate Information Network, Inc. makes any representation, guarantees, or warranties as to the accuracy, completeness, currency, or suitability of the information provided. They specifically disclaim any and all liability for all claims or damages that may result from providing information to be used on the web site, or the information which it contains, including any web sites maintained by third parties, which may be linked to this web site.
This site powered by CINC: www.cincpro.com