For me, spring is a time for hope and renewal — with the flowers blooming, trees budding and birds chirping. This includes buying a home. After all, what better way to look at the year ahead than with a new (or new-to-you) home!
Here are four more reasons to buy a home this spring.
- Prices will keep going up. According to CoreLogic, home prices went up 7.2 percent between December 2015 and December 2016. They predict that home prices will increase another 4.7 percent by December 2017. If you buy your dream home now, you can prevent that price increase while watching your new home appreciate in value.
- Mortgage rates will also continue to increase. Over the last few months, mortgage rates have slowly crept up, hovering around 4 percent. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors anticipate that, over the next year, interest rates will climb another 0.05 percent. While that may not seem like much, even a slight increase in interest rate will affect how much your monthly mortgage payment will be.
- Whether you buy or rent, you are paying a mortgage payment. Yes, you read that right. If you are a renter, you are making your landlord’s mortgage payment. If you are buying your own home, you are also paying a mortgage. The big difference is that one will increase your assets and appreciate in value over time.
- There is more inventory available. In the spring, homeowners are more likely to list their homes, meaning that there may be more inventory available to choose from. Right now homes for sale are at an all-time low, but an increase in springtime inventory can make this an attractive time to buy.