5 Reasons to Buy a Home Now instead of Spring

I have a small number of buyers who are NOT listening to me right now.  We have lost out on multiple homes because they want to bid lower than I am advising them to.  Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five reasons to buy a home now instead of spring:

With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.

Prices are projected to appreciate by over 25% from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.

Whether you are rent or you own the home you are leaving in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.

The Mortgage Bankers Association, the National Association of Realtors, Freddie Macand Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the end of 2014. That is an increase of almost one full point over current rates.

We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy.

Rich Ayers is a licensed Real Estate Managing Broker in Illinois and lead real estate contributor for The Oswego Patch.  He also writes a monthly real estate column for Inside Oswego magazine.  Rich was selected as Oswego’s Favorite Realtor by the readers of Glancer Magazine!  Ayers Realty Group has EXPERIENCED Brokers who specialize in Residential and Investment real estate in Naperville, Oswego, Plainfield and the surrounding suburbs of Chicago.  Visit our website at www.AyersTeam.com or follow us on Facebook, LinkedIn, Trulia, or Zillow.