Let me see, should you buy a home now or wait? Let’s look at a few reasons.
Interest rates are low. But the Federal Reserve already raised the rates once this year. And they have said the rates will be increased again, and again. So if you think that paying a higher interest rate is in your best interests, you should wait. After all, paying more interest on your mortgage will give you a larger tax deduction. If you believe that last statement, I’m afraid nobody can help you. Buy now before rates go up.
Home values have hit the bottom and have been rising steadily for quite some time. As a matter of fact, home values have risen over six percent in the past year. Economists and industry experts expect home values will rise another five percent in the coming year. Let’s look at some numbers. A home that was purchase one year age for $500,000 is not worth, on average, $530,000. And in another year it will probably be worth $556,500. So if you wait, you will pay significantly more for the home. And as a double whammy, the interest rates will be higher, resulting in an even higher mortgage payment.
But if you don’t want to be paying a mortgage, you should continue to rent. But what if this is not a valid argument? You have to realize that if you buy you will be paying a mortgage. Your mortgage. And if you continue to rent, you will also be paying a mortgage. Your landlord’s mortgage.
So make the right decision and buy a home now. Don’t waste your financial future. A home is probably the best investment you will ever make. So invest in your future, not a landlord’s future. Call Bunny and Art today. We can help.
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