A recent survey showed that 3 out of 4 future home buyers (who
are not first time buyers) plan to move up to some form of a ‘better’ home.
The breakdown:
§ Move to a significantly
bigger home (49%)
§ Move to a nicer home
(17.5%)
§ Move to a nicer part of
town (8.6%)
If you or your family falls into
any one of these categories, you should strongly consider making the move
sooner than later. The ‘cost’ of your new dream house will be determined by two
factors: the price of the house and the mortgage interest rate. Both are
projected to increase this year.
Prices Set to Increase
In the recent Home Price
Expectation Survey, 105 leading housing analysts called
for a 3.1% increase in home values by the end of 2013.
Mortgage Interest Rates
Projected to Increase
According
to the Mortgage Bankers Association, after reaching record lows in 2012,
the 30 year mortgage rates are expected to creep up slowly in 2013 to 4.4%.
Now is a great time to buy
the home you always dreamt of owning. However, the longer you wait, the more it
will cost.
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