During my reading I came across this article and I want to share it with you. It has some great points explaining why now is the time to buy!
"Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:
Supply is Shrinking: With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.
Price Increases Are on the Horizon: Prices are projected to appreciate by over 25% from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.
Owning A Home Helps Create Family Wealth: Whether you are rent or you own the home you are leaving in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.
Interest Rates are Projected to Rise: The Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the end of 2014. That is an increase of almost one full point over current rates.
Buy Low, Sell High: We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy."
With the winter months upon us, I wanted to share with you some tips for protecting your home that I came across during my reading.
Don’t let your home get the winter blues. As the cold weather approaches, home owners can do the following maintenance checks to ensure their properties are ready for the winter months. The real estate Web site Zillow offers some of the following tips:
- Check the weather stripping along your door and door frame to ensure there are no gaps that can let cold air seep into your home. Also, you may want to add weather stripping or caulk to your windows to prevent any drafts and wasting energy.
- Sweep out those chimneys. The National Fire Protection Association advises home owners to sweep out the chimney at least once a year to help prevent house fires.
- Service those furnaces at least once a year too. It’ll cost about $100 and can help avoid costly repairs later or a malfunction of carbon monoxide pumping into the home, which can be deadly.
- Prevent frozen pipes, such as by using heating tape to wrap any exposed pipes on the home’s exterior and turning off the water as well as draining any water remaining inside the valves."