Market Update – You Should Buy This Summer
Home prices will continue to rise. CoreLogic just released its latest Home Price Insights (HPI) for April 2019. Home prices were up in April 3.6 percent over last year same time. The annual price growth shows an acceleration since March 2018. The HPI Forecast is for prices to increase by 4.7 percent by April 2020.
Projected to increase – mortgage interest rates. All the experts, Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are projecting that rates will increase by this time next year. However, Freddie Mac’s current report shows the 30-year rate at 3.99% which is down 0.07 from last week and 0.57 from 1 year ago. Although there was a spike at the end of April in the 3-year rate, it has been steadily dropping. Could this be a leveling off of the interest rates? In the same report, it shows the 15-year FRM and the 5/1-year ARM both down also. Freddie Mac is also reporting that both existing and new home sales have picked up recently.
Renting or Buying, you are paying a mortgage. Unless you are living rent-free with family, you are paying someone’s mortgage. Why not make it yours? As a homeowner, paying on your own mortgage will force you to save money. As you pay down the principal, you will gain equity.
It’s time to make the leap. With both home prices and mortgage rates predicted to rise, the time is now to get into a place that is yours. Take a look at your need and determine if owning a home is right. Are you raising a family? Need stability? Family safety on your mind? These are all good reasons to make the leap and buy your own home.
No matter what your situation, if you are flirting with the thought of buying a home, do it now because when mortgage rates and home prices rise it will cost you more on your monthly payment. Stop paying someone else’s mortgage for them and build your own equity in your own home.
And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.