3 Reasons You Need To Buy A Home This Summer

Summer tends to be the busy season in the real estate market. Beyond being a busy time of year, there are some very real reasons why buying a home this summer is a good idea. If you are considering buying a home in the near future here are three reasons you need to buy this summer.

1.Rising Home Prices

In the last 12 months, home prices across the nation have increased by 12% according to the recent CoreLogic’s Home Price Index report and it projects that home prices will increase by at least 4.9 % in the year to come. Waiting will only cost you more. In the Greater Philadelphia area home prices this year are up over $16,000 over last year and in the South New Jersey Shore area, home prices are up over $8,000. 

2.Rising Interest Rates

The Federal Reserve has slowly begun raising interest rates and The Mortgage Bankers Association, Freddie Mac, and The National Association of Realtors are all predicting that mortgage interest rates will increase in the next year.  Increasing rates will increase the amount you will pay each month on your mortgage.  This is another instance where waiting to buy could potentially cost you more.

3.You're Paying Each Month Anyway

If you are currently renting and are uncertain if you are ready to take on the responsibilities that come with having a mortgage, you are essentially already paying a mortgage. If you are the owner of the home you will be gaining equity in your home, whereas a renter you don’t.

If now is the right time for you and your family to buy a home The Silva Group is here to help. Contact us at any time or feel free to call us directly at (267) 202-7400 to see how we can help you with all your real estate needs.