Monday, July 29, 2013 / by Teresa Dipeso
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Here are three great reasons to consider buying your Jersey Shore beach home today instead of waiting.
1.) Prices Will Continue to Rise
The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released last week projects appreciation in home values over the next five years to be between 12.3% (most pessimistic) and 32.8% (most optimistic).
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting to purchase a beach home no longer makes sense.
2.) Mortgage Interest Rates Are Increasing
As reported by Freddie Mac, interest rates for 30-year fixed-rate mortgages have risen about one full percentage point over recent historic lows.
The National Association of Realtors, the Mortgage Bankers Association, Freddie Mac and Fannie Mae, in their July forecasts, have all projected 30-year-fixed mortgage interest rates to be between 4.8 and 5.1% by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
3.) It’s Time to Take The Next Step in Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place at the beach for your family to enjoy, you are looking for an investment property, or you are ready retire to the shore, maybe it is time to buy now.
If the right thing for you and your family is to purchase a beach home this year, buying sooner rather than later could lead to substantial savings. Call our sales team today and let us help you find your piece of paradise at The Jersey Shore!
Info Courtesy KCM