1. PRICES WILL CONTINUE TO RISE
It is predicted that home prices will continue to increase at a rate of 5.2% over the next year and to appreciate by more than 3% a year for the next 5 years. Waiting no longer makes sense.
2. MORTGAGE INTERST RATES ARE PROJECTED TO INCREASE
Interest rates for a 30-year mortgage have started to inch up and most experts predict that they will begin to rise even more over the next 12 months. An increase in rates will impact your monthly mortgage payment and most buyers will need a mortgage.
3. EITHER WAY, YOU ARE PAYING FOR HOUSING
Most households pay housing costs whether they own or rent. But there is a more favorable tax treatment for owning, so it makes more financial sense to own rather than renting.
4. IT'S TIME TO MOVE ON WITH YOUR LIFE
Look at the actual reason you are buying and decide whether it is worth waiting. If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Source: Joe Amato, Waterstone Mortgage