Home prices are increasing.
National home prices have increased 6.2% over the last 12 months. All accounts are that they will continue to rise another 5% over the next year. Despite the recent balancing of the Seattle market, we will continue to see appreciation.
Mortgage interest rates are on the rise with no signs of slowing.
Freddie Mac’s Primary Mortgage Market Survey show that that interest rates for a 30-year mortgage have already increased by half of a percentage point in 2018. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase another half point to around by this time next year.
You are paying someone’s mortgage, is it going to be yours or your landlord’s.
Many people are not buying because they are worried about taking on high debt. But there is a big difference between mortgage debt and consumer debt and home owners have on average 43 times the net worth of renters. While it can be intimidating, the fact is that you are helping someone build wealth. So who’s wealth are you going to be building in 2019?
Bottom line is with home prices and interest rates increasing there is no time like the present to buy.