Forbes, in their online edition last week, spoke to the importance of buying a home now rather than waiting.
The article, Should You Buy a Home Now or Pay More Later?, explains:
“With mortgage rates creeping up toward 5% as 2013 draws to a close, potential home buyers have some decisions to make — and soon. The danger for potential homebuyers isn’t that mortgage rates are nearing 5.00%; the real threat is that rates could go higher, to 5.50% or even 6.00% in 2014.”
The article spells out the financial consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage).
They go on to identify four things a buyer should take into consideration before delaying a decision to purchase.
- 1. Rates will likely rise — and soon with 5% interest rates right around the corner.
- 2. The Federal Reserve will stop “tapering” causing rates to return to historically normal levels (6-7%).
- 3. Home values are rising
- 4. The autumn buying season is underrated “as you can take advantage of year-end tax breaks and the fall weather makes it an ideal time to move”.
The financial advice Forbes gave to their readers was rather simple. Buy now or pay more later!!