4 Reasons To Buy Your Dream Home This Winter

As the temperature in many areas of the country starts to cool down, you might think that the housing market will do the same. This couldn’t be further from the truth! Here are 4 reasons you should consider buying your dream home this winter instead of waiting for spring!

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates are Projected to Increase

Your monthly housing cost is as much related to the price you pay for your home as it is to the mortgage interest rate you secure.

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently at 4.08%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way You’re Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with 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 for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

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.

5 Things You Should Not Dwell On When Buying a Home

5 Things You Should Not Dwell On When Buying a Home

Finding the right home to buy is a process. The typical home buyer looks at around 10 homes before making an offer. If you are on your 30th home and still can’t find something that you like, perhaps you are paying attention to the wrong features when you are viewing homes. Below are a list of things that you SHOULD NOT dwell on when buying a home and what you need to consider instead.

Paint Color

Paint colors, inside and out, can always be changed! Instead of seeing unappealing paint colors as a turn-off, look at them as an opportunity personalize the home to your liking once you move in by repainting. If you’re concerned with the amount of work that painting involves, you should know that painting is an inexpensive project to hire out

Instead of paint color, pay attention to a home’s architectural details.

Furniture

Never pay attention to the furniture in a home for sale because more than likely, it’ll be leaving with the home sellers! And even if the furniture comes with the home, it can easily be sold at a garage sale or donated to a local charity, many of which offer free pick-up.

Instead of the seller’s furniture, pay attention to the size and layout of each room.

Window Treatments

Window treatments do typically stay with the home, but they are so easy to swap out that they should never be considered when purchasing a home. For most new homeowners, it’s exciting to change out window treatments to fit their design preference.

Instead of window treatments, pay attention to the energy efficiency of the windows and the light they allow into the home.

Light Fixtures

Light fixtures also stay with the home, but as with window treatments, swapping them out with something new is a simple DIY task. Updating light fixtures is an easy way to personalize the home to your taste. If the light fixtures that you are removing are in good condition, you can probably even get a few bucks for them by listing them on Craigslist!

Instead of light fixtures, pay attention to the electrical wiring and notice if rooms have the capability for overhead lighting.

Fencing

Most parents and pet owners desire homes with fenced in yards. They offer privacy and security and are certainly nice to have! But never rule out a home if it doesn’t have a fence because they are relatively easy and inexpensive to install yourself.

Instead of fencing, pay attention to other details of the yard such as size and slope.