Housing Market News March 11, 2020

Impact of the Coronavirus on the U.S. Housing Market

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The Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world.

With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans?

The National Association of Realtors (NAR) anticipates:

“At the very least, the coronavirus could cause some people to put home sales on hold.”

While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future.

For example, when there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. This connection should be considered when making real estate decisions.

According to the National Association of Home Builders (NAHB):

“The Fed’s action was expected but perhaps not to this degree and timing. And the policy change was consistent with recent declines for interest rates in the bond market. These declines should push mortgage interest rates closer to a low 3% average for the 30-year fixed rate mortgage.”

This is exactly what we’re experiencing right now as mortgage interest rates hover at the lowest levels in the history of the housing market.

Bottom Line

The full impact of the Coronavirus is still not yet known. It is in times like these that working with an informed and educated real estate professional can make all the difference in the world.

Contact one of our agents today!

See our full list of available properties!

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Housing Market News February 14, 2020

Reasons to Fall in Love with Homeownership

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Some Highlights:

  • There are many benefits to love about homeownership, and they’re not all financial.
  • Being a part of a neighborhood, driving academic achievement, and improving mental health are just a few of these advantages.
  • Let’s get together today to determine if you’re ready to embrace the rewards of owning your own home.

Contact one of our agents today!

Search our available properties!

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Agency News and Awards February 14, 2020

Green Team Welcomes Britanni Gaucher

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Welcome to the team Britanni!

The Green Team is proud to announce that Britanni Gaucher has decided to join our Warwick, NY team. 

As a lifelong resident, Britanni has spent her time enjoying all this area has to offer and this is where she chose to stay with her husband, 4 kids, dogs, cats, and chickens and build their own little homestead. Growing up on a dairy farm, Britanni appreciates the history of this area which can be found in the beautiful pieces of property, old barns, and farmhouses of the area.

Britanni is excited to share her love of real estate with her clients and lead them on their path to the perfect home.

 

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Agency News and Awards January 9, 2020

Green Team Welcomes Wayne Patterson

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It’s an exciting day at Green Team New York Realty, as we welcome the newest member to our team – Wayne Patterson.

Electrifying the New York Real Estate markets in Orange, Rockland, Westchester, Ulster, and Sullivan counties. With over twenty-five years of customer service and real estate experience in New York State, specializing in all aspects of the real estate industry, from buying and selling residential homes to commercial or investment properties utilizing 1031 exchanges.

No real estate transaction is too big or too small, and customer service is the #1 goal.

To learn more about Wayne and his business visit his site!

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Buying a home January 6, 2020

3 Benefits to Buying Your Dream Home This Year

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Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting.

1. Buying a Home is a Great Investment

Several reports indicate that real estate is a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps build equity, a form of investing for you and your family. According to CoreLogic’s Equity Report,

“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”

This means the average homeowner gained approximately $5,300 in equity over the past year. If you want to start building your equity, put your housing costs to work for you through homeownership this year.

2. Mortgage Interest Rates Are Low

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018 when they hit 4.94%. In their latest forecast, Freddie Mac expects rates to remain low, leveling out to a yearly average of 3.8% in 2020.

When you purchase a home at a low mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to buy more house for your money.

3. Investing in Your Family is a Win

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you’re paying a mortgage – either yours or that of your landlord.

Today, rental prices continue to increase, and when you’re paying your landlord’s mortgage instead of your own, you’re not the one earning the equity. As an owner, your mortgage payment is a form of ‘forced savings’ you can use later in life to reinvest in your family. You can use it for a variety of opportunities, such as saving for your children’s education, moving up to a bigger home, or starting your own business. As a renter, it can be more challenging to achieve those types of dreams without home equity working for you.

Bottom Line

Buying a home sooner rather than later could lead to substantial savings and long-term financial growth for you and your family. Let’s get together to determine if homeownership is the right choice for you this year.

 

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Community Support January 4, 2020

TEAM UP FOR HOPE 2020

Green Team Realty receives NAMI Orange Appreciation Award

On behalf of Green Team Realty,  Geoff Green proudly accepted NAMI Orange‘s Appreciation Award. The presentation took place at NAMI Orange’s 15th Annual Meeting. It was held on November 25,at the Orange County Department of Mental Health in Goshen, NY

Presenting the Award

Through its Team Up for Hope initiative, the Green Team raised both awareness and funds for NAMI Orange. As Green Team Content Marketing Manager and a member of NAMI Orange, it was an honor to present the Appreciation Award to Geoff Green. And it was an honor to read the following inscription to Geoff and all those present:

Reading text of award to Geoff Green

NAMI Orange Appreciation Award presented to Green Team Realty – a real estate company that cares what happens in its community, represented by Geoff Green.

Besides their Team Up for Hope’s very successful fundraiser which benefited NAMI Orange, Green Team Realty also organized a webinar to increase public awareness featuring two NAMI Orange members who discussed how mental health issues impact the family as well as the individual – and who educated people as to how they could get the support and the services that they might need. An excellent public service! We are honored to have had Team Up for Hope select NAMI Orange as a recipient of their charitable good works.

What is NAMI?

The National Alliance on Mental Illness, “NAMI,” began at a kitchen table in 1979. A small group of families whose lives had been impacted by mental illness got together and decided to take some action. Now, 40 years later, it is the largest grassroots mental health organization in the United States. There are 48 NAMI State Organizations and more than 600 local affiliates.

According to NAMI’s website, the organization “envisions:a world where all people affected by mental illness live healthy, fulfilling lives supported by a community that cares.” Their mission is to provide “advocacy, education, support and public awareness so that all individuals and families affected by mental illness can build better lives.”

Mental illness. Let’s talk statistics

These statistics are posted on the NAMI website  And they’re frightening.

1 in 5 U.S. adults experience mental illness each year
1 in 25 U.S. adults experience serious mental illness each year
1 in 6 U.S. youth aged 6-17 experience a mental health disorder each year
50% of all lifetime mental illness begins by age 14, and 75% by age 24
Suicide is the 2nd leading cause of death among people aged 10-34

Mental illness. Let’s talk reality

When someone you know and care about becomes one of these statistics, family members and friends suddenly find themselves in a world turned upside down. They don’t understand what has happened to their loved one, what to do, what to say, And the stigma surrounding mental illness can make it difficult to discuss the challenges with friends, further isolating both patient and family. My family has lived this reality. My youngest daughter, Andrea, was diagnosed with bipolar and anxiety disorders at the age of 14. There was nothing that prepared us for the journey we suddenly found ourselves on. No guidebook to explain the mania, then the plunges into deep despair. There were prescriptions for lots of medications in lots of combinations, there was therapy. However, there was nothing that helped us all to understand what was happening within her brain. No advice on how to communicate or set limits. No one telling me it wasn’t my fault. Chaos ruled our lives, exacerbated by loneliness.

Mental illness. It’s not a casserole disease

When someone is diagnosed with cancer or other catastrophic illness, there is often a rallying of support from the community. Friends and family sign up to provide meals for the family. People volunteer to take children for play dates, do the laundry, help clean the house. People come to visit, to talk, to listen.  However, when a child suddenly requires hospitalization for a mental illness there are no casseroles. No phone calls or visits from non-judgmental friends. No offers to take care of the other kids when you’re running from work to hospital. There was a time when cancer was stigmatized. People were ashamed to admit they had it. It was assumed to be a death sentence and rather than say the wrong thing, nothing was said. That has thankfully changed. But this is where we as a society are when dealing with mental illness. The stigma is very real and many families find it necessary to keep their loved one’s illness a secret. From other family members, from employers. Because mental illness impacts behavior and personality, there is a tendency to see it as more of a character flaw than an actual disease. However, it is a disease. One that requires treatment and support. Family and friends can play a vital role in helping their loved ones. And this is where NAMI comes in.

NAMI Orange. Making a difference

I was introduced to NAMI Orange by a friend whose child was also struggling with a mental health diagnosis. We both signed up to take the Family-to–Family class, a “peer education program for family members of adults living with mental illness.”  Andrea was in the recovery stage of her illness at that time. I felt that I didn’t really need the course, but maybe I could pick up a few helpful tips. Instead, what I experienced was life changing.

Our class was made up of people with a common goal; how to better understand and help our loved ones. NAMI gave us the tools to better understand the science behind mental illness. We learned about symptoms, changes to behavior and personality, communication skills, crisis preparation plans and so much more. In addition, we became our own support group, sharing our stories and the challenges we were facing. We understood what everyone was going through.

NAMI Orange is an all-volunteer organization. Family-to-Family teachers, as peers, must also have an adult family member living with a mental illness. Course teachers go through specialized training, as do facilitators of support groups and presenters of in-school programs. The dedication of these volunteers cannot be overstated.

Team Up For Hope – Teaming up with NAMI Orange

As a local business, the Green Team believes in giving back to the community. Through Light up the Holidays, money was raised for the Warwick Valley Humane Society and Warwick Playground Dreams. After a few years of doing holiday lights contests, it was decided to change to a basic fund-raising effort on behalf of local organizations. The name suggested was Team Up for Hope. At an early fundraiser committee meeting I mentioned the local NAMI affiliates for our Warwick NY and Vernon NJ offices The response from fellow committee members was amazing. It seems that many of the Green Team’s sales associates knew someone who had experienced mental illness and were up for the challenge. And those who did not have personal experience were touched by the stories we shared and wanted to help. We arranged a meeting with representatives of NAMI Orange and NAMI Sussex. The information they shared with us, their passion for these organizations they gave so much of their lives to, made a lasting impression on us. We were determined to Team Up with NAMI to raise not only funds, but awareness. That included the webinar mentioned in the award, which you can view here.  In addition, another webinar was done with Andrea Wynn telling her story of living with mental illness and her journey to recovery.  Andrea concluded her story by performing an original song she had written about living with Bi-Polar Disorder. Sheila Sutton represented NAMI Orange again and spoke to Andrea’s story, as well as the help that the organization offers. And Geoff was pleased to announce that Team Up for Hope had raised over $3,100 for NAMI Orange and over $1,500 for NAMI Sussex.  To view that webinar, click here.

Andrea is a believer in sharing her journey with others in hopes of helping end the stigma surrounding mental illness. And I share her story with her permission. Further, we both share our thanks to Geoff Green. He first met Andrea during the webinar. However, knowing her diagnosis, he never hesitated to interview her for a position at the Green Team. She is now Agent Service Manager at the Warwick Office.

Team Up for Hope, Inc., a non-profit – and a lasting legacy for Joseph Green IV

Team up for Hope - Joseph Green IV

Plans had been underway to do another fundraiser for NAMI Orange and Sussex for October 2019. However, on June 27, 2019, Joseph Green IV lost his personal battle with substance abuse. He was 26 years old. His passing was sudden and tragic, leaving his family reeling. Joseph was a very good student-athlete in high school. He graduated from NC State University and was working in the field of finance in Manhattan. In the months that followed, Geoff Green and sister Amy Green realized they had to do something to honor their beloved nephew and found their calling. They wanted to do whatever they could to prevent other families from suffering the loss of a loved one due to substance abuse or mental illness. They called a meeting of Green Teamer’s who would be willing to donate their time to this new organization. A start-up committee and a plan emerged.

Geoff had been inspired by a speaker at a Break the Stigma walk held in Warwick, to raise awareness about the opioid epidemic. That speaker basically said that the only way to address the crisis was on the local level. And that is something Geoff firmly believes; that we should support the efforts of local organizations who have been doing the work, who understand the issues, and are trying to find solutions. It was decided that Team Up for Hope would be incorporated and file for 501(c)(3) not-for-profit status. As such, we would be able to raise funds and then distribute them to organizations we chose to support. In addition to continuing to raise funds and awareness on behalf of the organizations we would be working with, we would do our best to offer solutions to some of the problems they had. For instance, reaching the local communities with the services and programs they offer, finding volunteers with social media skills to help with website development, and FaceBook and Instagram accounts. To help them do what they do best, we would do what we do best: marketing, networking, and helping inform our communities.

 

We hope that one day these problems will no longer exist, but until that day is here, we’ll do this for Joseph, and for all our loved ones who have struggled with addiction and/or mental illnesses. And we hope that you will team up with us… for hope.

 

 

 

 

 

 

 

 

 

 

Housing Market News December 16, 2019

December 2019: The Buyer Stakes Are High Because Inventory Is Low

The reality of what we’re seeing this month is that homes are selling fast. In today’s strong seller’s market, bidding wars are common and expected with starter or entry-level homes.

In most areas of the country, first-time buyers have been met with fierce competition throughout their homebuying experience. Some have been out-bid multiple times before finally going into contract on a home to call their own.

Right now, inventory is the big challenge. Here’s what we know today:

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.9-month supply of homes for sale, which can drive this kind of hefty buyer competition. Remember, anything less than 6 months of inventory is a seller’s market.

Even though the month’s supply of inventory is not increasing, ironically, the number of homes for sale is. This means homes are coming up for sale, but they’re being sold quickly. The graph below shows the year-over-year change in inventory over the last 12 months.December 2019: The Buyer Stakes Are High Because Inventory Is Low | MyKCMAs depicted above, the percentage of available inventory has fallen for four consecutive months when compared to the previous year.

So, what does this mean? If you’re a buyer, be sure to get pre-approved for a mortgage and be ready to make a competitive offer, so you can move quickly. Chances are, homes high on your wish list are likely going to go fast.

Bottom Line

If you’re thinking of buying a home, make sure you’re taking the right steps at the beginning of the process, so you’re a top contender if you ultimately find yourself in a bidding war. Let’s get together to discuss what you need to do to make your move toward homeownership.

Buying a home November 5, 2019

3 Reasons This is NOT the 2008 Real Estate Market

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No one knows for sure when the next recession will occur. What is known, however, is that the upcoming economic slowdown will not be caused by a housing market crash, as was the case in 2008. There are those who disagree and are comparing today’s real estate market to the market in 2005-2006, which preceded the crash. In many ways, however, the market is very different now. Here are three suppositions being put forward by some, and why they don’t hold up.

SUPPOSITION #1

A critical warning sign last time was the surging gap between the growth in home prices and household income. Today, home values have also outpaced wage gains. As in 2006, a lack of affordability will kill the market.

Counterpoint

The “gap” between wages and home price growth has existed since 2012. If that is a sign of a recession, why didn’t we have one sometime in the last seven years? Also, a buyer’s purchasing power is MUCH GREATER today than it was thirteen years ago. The equation to determine affordability has three elements:  home prices, wages, AND MORTGAGE INTEREST RATES. Today, the mortgage rate is about 3.5% versus 6.41% in 2006.

SUPPOSITION #2

In 2018, as in 2005, housing-price growth began slowing, with significant price drops occurring in some major markets. Look at Manhattan where home prices are in a “near free-fall.”

Counterpoint

The only major market showing true depreciation is Seattle, and it looks like home values in that city are about to reverse and start appreciating again. CoreLogic is projecting home price appreciation to reaccelerate across the country over the next twelve months.

Regarding Manhattan, home prices are dropping because the city’s new “mansion tax” is sapping demand. Additionally, the new federal tax code that went into effect last year continues to impact the market, capping deductions for state and local taxes, known as SALT, at $10,000. That had the effect of making it more expensive to own homes in states like New York.

SUPPOSITION #3

Prices will crash because that is what happened during the last recession.

Counterpoint

It is true that home values sank by almost 20% during the 2008 recession. However, it is also true that in the four previous recessions, home values depreciated only once (by less than 2%). In the other three, residential real estate values increased by 3.5%, 6.1%, and 6.6%.

Price is determined by supply and demand. In 2008, there was an overabundance of housing inventory (a 9-month supply). Today, housing inventory is less than half of that (a 4-month supply).

Bottom Line

We need to realize that today’s real estate market is nothing like the 2008 market. Therefore, when a recession occurs, it won’t resemble the last one.

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Buying a home October 31, 2019

How to Determine If You Can Afford to Buy a Home

The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.

It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.

Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.

Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:

CoreLogic’s Typical Mortgage Payment

“Falling mortgage rates and slower home-price growth mean that many buyers this year are committing to lower mortgage payments than they would have faced for the same home last year. After rising at a double-digit annual pace in 2018, the principal-and-interest payment on the nation’s median-priced home – what we call the “typical mortgage payment”– fell year-over-year again.”  

The National Association of Realtors’ Affordability Index

“At the national level, housing affordability is up from last month and up from a year ago…All four regions saw an increase in affordability from a year ago…Payment as a percentage of income was down from a year ago.”

First American’s Real House Price Index (RHPI)

“In 2019, the dynamic duo of lower mortgage rates and rising incomes overcame the negative impact of rising house price appreciation on affordability. Indeed, affordability reached its highest point since January 2018. Focusing on nominal house price changes alone as an indication of changing affordability, or even the relationship between nominal house price growth and income growth, overlooks what matters more to potential buyers – surging house-buying power driven by the dynamic duo of mortgage rates and income growth. And, we all know from experience, you buy what you can afford to pay per month.”

Bottom Line

Though the price of homes may still be rising, the cost of purchasing a home is actually falling. If you’re thinking of buying your first home or moving up to your dream home, let’s connect so you can better understand the difference between the two.

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Buying a home October 28, 2019

4 Reasons to Buy a Home This Fall

Here are four great reasons to consider buying a home today, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase Next Year

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news for buyers in the market right now, because low interest rates increase your purchasing power – but don’t wait! Most experts predict rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is needed to buy your next home.

3. Either Way, You Are Paying a Mortgage 

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you are paying a mortgage – either yours or that of your landlord.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

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

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you’re buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over custom renovations, maybe now is the time to buy.

Bottom Line

Buying a home sooner rather than later could lead to substantial savings. Let’s get together to determine if homeownership is the right choice for you and your family this fall.