Experts have called it! This is the year to buy a home! If you were considering buying a home in 2013, and didn’t, it is not too late. Home prices are on the rise but 2014 has barely begun and you can still beat the rise in prices if you act quickly. According to an article by CBS Money Watch, 2014 is the year that you want to make this investment, and here’s a couple reasons why.
1. This article mentioned above, home prices are headed up. It looks like home prices increased at a national average of about 13.6% in the past 12 months. Fortunately we have not seen that percentage of a rise locally. Home prices are expected to rise about 5% more nationally this year, but that’s not going to happen all at once. Don’t wait for prices to keep rising before you decide to build.
2. Mortgage rates are rising as well. Experts predict in the coming year a 30-year mortgage will rise from 4.5% to 5%. If you act quickly you can still get the lower rates. Which can equate to $100’s in savings each month.
3. Buying a home is a great investment. If you’re currently renting, consider the many benefits of home ownership. Buying a home is a wise investment because it offers tax benefits, leads to ownership and values are rising.