Are you one of the many millennials who sees your friends and family diving head first into the real estate market and are wondering if now is the time for you to do the same?
The “cost of waiting to buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
Let’s take a look at some predications: Freddie Mac forecasts that interest rates will rise to 3.8% by Q4 2020. In addition, CoreLogic predicts that home prices will appreciate by 5.4% over the next 12 months!
So… perhaps it is time to lose the lease in 2020 to save yourself from rising rents and own your own home? Remember, there are SO many benefits to owning your own home. For instance, buying a home is an investment in your future.
- Homeownership builds equity every single month
- Provides stability – rent prices increase 4% annually
- Your mortgage is like a forced savings plan
- Possible tax benefits (talk to your CPA to see which benefits apply to you)
- And so much more!
Take a look at the infographic here – perhaps this will change your mind.
When you're ready to take the next step, Emerald Home Loans is here to help you lose the lease and become a homeowner in 2020!
Get in touch with one of our Loan Experts Today!