4 Reasons To Buy Before Spring!

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1. Prices are forecasted to rise: The Home Price Expectation Survey polls a prestigious group of over 100 economists, investment strategists, and housing market analysts. Their most current report predicts that appreciation in home values over the next five years will be between 15.1% and 32.8%. Home values are projected to appreciate for years to come and it no longer makes good sense to wait to buy a home.
2. Mortgage interest rates will increase: Although mortgage rates have gone down slightly in recent months, most experts predict that rates will rise over the next 12 months. Fannie Mae, Freddie Mac, The Mortgage Bankers Association, and The National Association of Realtors are in agreement that rates will be up almost a full percentage point by the end of 2015. Mortgage rates directly affect your mortgage payment; your monthly house payment will be more a year from now.
3. Either way you are making a mortgage payment: "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."  Joint Center For Housing Studies at Harvard University
4. It's time to move on: The cost of a home is made up by two major factors: the price of a home and the current mortgage rate. It seems as though both are on the rise. Even if they weren't increasing, would you want to wait to buy a home? Think about the reasons you are considering purchasing a home-are you looking for a great family home for your kids to grow up in, do you want to live in a safer area, or do you want to be able to have full control over renovations? If 2015 is your year to buy a home, buying sooner rather than later can mean saving a significant amount of money.