Sometimes the best advice really does come from experts. For this reason, we want to quote a third party source today. Forbes, in their online edition last week spoke of 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 home buyers 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 our the financial 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.
- Rates will likely rise – and soon with 5% interest rates right around the corner.
- The Federal Reserve will start “tapering” causing rates to return to historically normal levels (6-7%).
- Home values are rising
- 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”.
Bottom Line: The financial advice Forbes gave to their readers was rather simple. Buy now or pay more later!!