Why You Shouldn’t Wait until Spring to Buy A Home

If you’ve been thinking of buying a home, don’t wait! “Housing market conditions continue to be very favorable for buyers,” says Catherine Nimmo, a sales associate with ERA Justin Realty Co. “If you’re ready to make a purchase, there are many factors in your favor right now.”

Mortgage Rates Are Low

In 2020, mortgage rates hit all-time lows more than a dozen times, falling below 3% for the first time ever. “Essentially, this means it’s less expensive to borrow money for a home,” explains Catherine. “Buyers should capitalize on this as soon as possible, before rates start to rise again.”

Buying Is More Affordable Than Renting

According to Realtor.com, the difference between the cost to purchase a home compared to the cost to rent a home has shifted toward favoring buying a home. “When you buy a home, as opposed to paying rent, you’re contributing to your net worth,” Catherine says. “This is one of the biggest financial benefits of owning a home.”

Equity Is Growing

According to CoreLogic, today’s mortgaged homes have an average equity of $177,000. That translates to a huge amount of forced savings for homeowners. Considering the amount of equity in place for the typical homeowner, the chance of the market seeing a rush of foreclosures is not likely. “Compared to when the housing bubble burst many years ago, today’s buyers can be assured that their home investment is a sound decision,” Catherine says.

Home Prices Are Appreciating

“From what we’ve seen in the past year, home prices have steadily appreciated and we expect that trend to continue,” notes Catherine. “The combination of home value appreciation and low mortgage rates mean it’s an ideal time to buy and a smart long-term investment.”

Bottom Line

If you’re considering buying a home, this may be the best time to do it. To assess your needs and determine what the right move is for you, call Catherine or any of our experienced Real Estate Agents at 201.939.7500.