There are many reasons to buy a home, but people often have fears about making this financial commitment. Waiting to buy, however, could cost you even more money in the home buying process. Once you have decided to buy a home, it’s important to act quickly in order to take advantage of the market as costs continue to rise. Calculate the cost of waiting to buy.
Realtor Sean May believes it’s important for future home buyers to be aware of the following costs that may accumulate by hesitating to buy a Flower Mound home.
Rising Home Costs. The housing market is healthy and growing, but this also contributes to the rising cost of home buying. Acting quickly could be critical to getting the best possible price on the Flower Mound home of your dreams. According to the most recent Home Price Expectation Survey, which gathers feedback from over 100 professional economists and analysts, home value appreciation over the next five years is projected to rise anywhere between 11.2 and 27.8 percent. These percentages could translate to a huge increase in the cost of your home purchase. Appreciation does vary by area, and it could benefit you to speak with a Flower Mound realtor about what you can expect from the home buying market in the near future.
Increasing Mortgage Rates. According to predictions by most experts, mortgage interest rates are set to increase by nearly 1% next year. Mortgage rate increases will directly affect what you pay for your Flower Mound home and for how long.
Real cost of rising rates.
Added Rent. Waiting to buy a home may mean that you commit to paying more in rent—monthly costs that, unlike a mortgage, are not investing in a dependable asset. Renters end up paying more, too, as they must support the costs of a landlord and contribute to the rate of return. In many cities and towns, including Flower Mound, rent continues to rise year after year. The sooner you buy a home, the sooner you are investing in a substantial asset that will provide you and your family with long-term benefits.
Speak to a Flower Mound Realtor About Buying a Home
The hesitation you may feel about buying a home is understandable. It is one of the largest and most important purchases you will likely make in your life. However, the longer you wait in uncertainty, the more costs add up—including the naturally rising expenses of homes, mortgage interest rates, and even monthly rent payments that go toward someone else’s investment rather than your own. For those considering buying a home, contact Sean May.