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 financials consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage). They went 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 start “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”.
Posted on: Thu, 24 Oct 2013 01:26:02 +0000
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