Jeff Duncan Real Estate
Jeff Duncan
(360) 441-2121(360) 441-2121

Why Summer Is a Great Time to Buy a Home

Here’s a secret: I can make a list of reasons why now is a great time to buy a home, regardless of the season. It’s almost summer now, but the truth is that the best time to buy a home is when you’re ready to buy a home.  Are there reasons to wait?  Sure, but none of them are big enough that I would advise someone to wait for a change of seasons. Here are 4 reasons why now is the best time:

Prices

Prices have gone up in most markets nationwide- definitely ours! They will continue to rise for years to come.  The rate of increase may fluctuate, but all indications point to continued price increases, so buying now will likely get you the lowest price you’re likely to see.

Mortgage Interest Rates

Rates for a 30-year fixed mortgage have risen by about a half a percentage point already in 2018. Most experts predict that rates will continue to rise over the next 12 months- possibly topping out at or above 5% before the end of the year.

Rising rates directly impact your monthly mortgage payment. A year from now your housing expense will increase even more if a mortgage is necessary to buy your next home.

Either Way, You’re Making a Monthly Payment

There are renters who haven’t purchased a home yet because they’re uncomfortable with the idea of a mortgage. Unless you’re living with your parents rent-free, you are paying a mortgage- it’s either yours or your landlord’s.

As a renter, you’re not only making your landlord’s mortgage payment, but you’re also building their equity in the home YOU are living in.

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

It’s Time to Move on with Your Life

The cost of a home is determined by two major components: the price and the mortgage rate. Both of these are on the rise currently, but what if they weren’t? Would you still be waiting to buy?

Look at the reason(s) you’re interested buying a home and decide if it is worth waiting. Whether you want to get into a certain neighborhood, you want your family to be safer, you just don’t want to have to ask permission to make changes, or you want to start building some equity and move closer to financial stability, maybe now is the time to buy.

You get to decide when the time is right.  If that time is now, you could save substantially by buying now rather than waiting.

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