4 reasons to buy a home this spring. Spring has officially arrived and so has the Spring selling season. Welcome to the spring housing market. If you’ve been thinking about buying a home in the Charlotte region this spring, here are four good reasons to do so and not to wait.
Reason #1 To Buy A Home This Spring
Home Prices Will Continue to Rise
CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.
With no relief in sight for rising home prices due to low inventory, the longer you wait to purchase a home, the more it will cost you to buy one if you wait.
Charlotte Region Average Home Sale Prices Have Steadily Risen since 2016
Reason #2 To Buy A Home This Spring
Your Purchasing Power Will Diminish As Interest Rates Increase
Most experts predict that 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 rates will increase by this time next year.
An increase in rates will impact your carrying cost for a new home if you wait to buy. Coupled with the steady home price increases your cost to buy and own a home will increase and your purchasing power diminishes.
Reason #3 To Buy A Home This Spring
Either Way, You Are Paying a Mortgage… Why Not Build Your Equity & Wealth Instead?
Often renters say they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying way you are paying a mortgage – either yours or your landlord’s.
As a home owner, your mortgage payment is a form of ‘forced savings’ allowing you to build equity in your home that you can tap into later in life. As a renter, your landlord is the person with that equity. The graph below clearly shows the potential growth in family wealth over the next five based solely based on an incerase in a home’s equity. And clearly, the higher-priced a home is, the greater the increase relative equity.
Reason #4 To Buy A House This Spring
The Cost Of Renting Versus Buying
Have you considered what your cost of renting is versus buying a home? The video below clearly shows that your cost of housing is less when you buy in many markets and you also get to fix your housing costs for years, which you can’t do with rent.
Free Spring 2019 Home Buyer Guide
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Nina Hollander/Great Homes In Charlotte Can Help You Find Your Dream Home
We’ve been opening doors for Charlotte region home buyers and sellers for 20+ years. Whether you’re considering selling or purchasing a home in the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you how: