Why is Fall a Great Time to Buy a House?
Why is fall a great time to buy a house? CoreLogic, a company that monitors trends within the real estate industry say prices have increased on average of 6.2% over the last 12 months and they anticipate that home prices will continue to rise by about 5.1% over the next 12 months. So, if buying a home is in your plans, now is a great time to get a home ahead of increases in pricing.
The mortgage industry is anticipating mortgage rates increasing in the near future. Buying now will help you keep your mortgage payments in check.
Some renters say they are uncomfortable taking on the responsibility of paying a mortgage. If you aren't living with your parents you have to realize either you are paying your own mortgage or you are paying your landlord's mortgage. If you pay your own mortgage you are building your own wealth, not someone elses.
The cost of a home is determined by two factors: the purchase price of the home and the interest rates, and according to all economic indicators both are on the rise. This also means that rents will also increase in order to pay the mortgage on the owner's acquisition. You can control your monthly payment by buying a home, the only increase will then be taxes and those are escrowed in your mortgage payment so any increase will be spread out over 12 months rather than in one payment. A landlord can increase your rent by any amount, you can keep that payment steady by owning your own home. Statistics also show that children raised in a home owned by their parents do better on standardized testing in school, neighborhoods where there are more home owners are more stable and increase in value more readily than neighborhoods where renters live, and buying a home creates 2 jobs and thereby putting even more money back into the community where you live.
What are you waiting for?
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Remax New Beginnings