Buy Now or Pay More Later?

Forbes, in their online edition last week, spoke to the importance of buying a home now rather than waiting.

Time is money

“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 homebuyers 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 out the financials 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.

  1. Rates will likely rise — and soon with 5% interest rates right around the corner.
  2. The Federal Reserve will start “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”.

I can help you find valuable financing alternatives and the home of your dreams in Laguna Beach or any of our coastal and inland communities.

Please contact me to help you.

Make it a great day!

Jeff

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