Today most industry leaders would agree that waiting for home prices to drop significantly before buying property is very unwise. The latest reports anticipate at least a 5.2% increase over last year’s 7% increase in property values.
Besides anticipating a jump in market pricing, another reason to make your move now is the inevitable interest rate hike. The 30-year mortgage has increased by half a percentage point already in 2018. Most institutions involved in lending are projecting the rate will have increased by a full point by this time next year.
It is good to remember that whether you own or rent, you are paying a mortgage, your own or your landlord’s. The obvious advantage of paying your own mortgage is that you do not need to concern yourself with unwanted surprises, like rent increases and decisions made by your landlord that jeopardize your living arrangements.
Another reason to consider home ownership is the “forced savings” it affords. The equity your home accrues throughout the years will allow you to tap into substantial funds later in life.
If the right thing for you and your family is to purchase a home this year, consider buying sooner rather than later. And if you think you can’t qualify for a loan, consider the option of a hard money loan with Sun Pacific Mortgage, where your credit score, condition of property and difficulty to prove income is not our first concern. Call us today! (707) 523-2099