Why You Should Buy A Home Now

Anyone who’s been thinking of buying a home may want to hurry up and follow through. But what’s the rush?

It’s all about appreciation. We’re hearing predictions that prices might still go up by as much as 12% in the next 12 months. Based on this percentage, if you wait for a month, you’ll be paying $3,000 more; if you wait for 3  more months, you might be paying an additional $9,000, and in 6 months, it could be $18-20,000 more for an  average-priced home.

Mortgage rates have been rising in the last few months, and it is expected to continue that way. This adds to the price of a house too. The Mortgage Bankers Association predicts that they’ll go up by as much as a full point this year.

If you’ve been thinking of selling your home, you should act soon as well, for the same reason. The price appreciation is based around the lack of supply while there’s a huge demand. A good percentage of our sellers who would be selling right now are those who bought in 2005-2007. They’re locked out of the market due to a lack of equity. But as prices go up, more of these people will be able to sell, so supplies will be enough for a short time. This, combined with the interest rates going up, could cool the market.

Tune in to KXL‘s “Experts on the 19′s” every Monday morning at 6:49AM and 8:49AM and listen to real estate advice from Portland’s Real Estate Advisor, Rick Sadle.

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