Top 4 Reasons Why Buying a Home this Summer is a Great Option

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Top 4 Reasons Why Buying a Home this Summer is a Great Option

With temperatures heating up this summer, the housing market has decided to heat up as well! Buying a home might be the perfect option for you in today’s market. Check out these top 4 reasons why purchasing a home is a great idea this summer:

1.Home prices are set to keep increasing

In a report by CoreLogic, their Home Price Index showed a 5.9% increase in home prices over the last 12 months, with the expectation of a 5.3% increase over the next year in home pricing. The opinions of over 100 housing market analysts, economists and investment strategists were also taken in a poll for the Home Price Expectation Survey and based on the information gathered it is expected that home prices will appreciate by at least 3.2% a year over the next 5 years, making buying a home a very wise move.

2.Projected increases in mortgage interest rates

In a Primary Mortgage Market Survey by Freddie Mac it’s explained that interest rates for 3-year mortgages have remained around roughly 4%, while many experts believe that the number will increase over the next year. Its agreed by Freddie Mac, The Mortgage Bankers Association and the National Association of Realtors that this time next year will see rates increase by almost a full percent. The increase will affect those homeowners with a mortgage payment, as well as those considering buying a home if a mortgage is necessary.

3.A mortgage is paid whether renting or buying

A Harvard University paper from the Joint Center for Housing Studies explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Top 4 Reasons Why Buying a Home this Summer is a Great Option

4.It’s time to take the next step

There are two key factors, which determine the cost of a home: The price and the current mortgage rate. While it’s clear that both are on the rise, those individuals who are considering buying should look at their options, goals and what they want out of buying or renting. If buying is your solution, now is a great time to find the perfect home in order to capitalize on substantial savings before next year.

Buying a home now may result in a great deal of savings for homeowners both new and experienced. No matter what your reason for buying, now is the time to act!

Have you considered Mt. Holly as the location for your future home? We’d love to help! Please feel free to browse our listings of Mt. Holly Homes for Sale at Showcase Realty today!

Do you have questions or concerns about real estate? Contact us directly to schedule a visit at 704.997.3794 or send a message here to connect with us!

If you decide you don’t like your home we will sell it for free. *some conditions apply*

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