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
home buyers is not 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 gone 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 stop “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”.
The financial advice Forbes
gave to their readers was rather simple. Buy now or pay more later!!dvice Forbes
gave to their readers was rather simple. Buy now or pay more later!!
