7 Great Reasons to Buy Your Home This Spring
Here are seven (7) great reasons why you should buy your dream home this spring instead of waiting.
1. Increased Home Value
Cleveland.com reports that in March, the median home prices in Cuyahoga County, Ohio, increased slightly from February to $153,250 for single-family homes. In Cleveland, the median remained steady at $75,000, while the suburbs saw the largest increase to $189,650, up from $180,000 the previous year. These increases are typical for the spring and summer months and predicts that prices will continue to increase.
While rising home prices may not seem like a reason to buy a home, it actually is. Home values tend to appreciate over time, so the longer you wait to buy a home, the more you’ll likely have to pay for it. Buying now, while prices are still relatively affordable, can help you build equity and long term wealth.
2. More Homes Are Hitting The Market
Spring is traditionally a busy time in the real estate market, with more homes being listed for sale. This means you’ll have a wider selection of homes to choose from, increasing the likelihood that you’ll find a home that meets all of your needs.
3. Mortgage Interest Rates Are Projected to Increase
Based on Zillow’s Mortgage Rates April data for Ohio, it shows that the average 30-year fixed mortgage rate in the state has recently increased by 7 basis points, rising from 6.44% to 6.51%. This development means that Ohio’s current mortgage rate stands at 4 basis points higher than the national average rate of 6.47%
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
4. Either Way, You are Paying a Mortgage
If you're currently renting and feeling uneasy about taking on a mortgage, I understand where you're coming from. However, it's important to recognize that you are already paying a form of mortgage - whether it's towards your own property or your landlord's. As a homeowner, your mortgage payments not only cover your housing costs but also allow you to build equity in your property.
This equity can be accessed later in life, giving you greater financial security. On the other hand, as a renter, you're essentially contributing to your landlord's equity and not building any of your own. So, it's worth considering whether you're ready to start making your housing costs work for you and invest in your future by owning a home.
Are you ready to put your housing cost to work for you?
5. Perfect Weather Backdrop for House Hunting
Springtime weather is generally more favorable for house hunting, given its milder temperatures and longer daylight hours that allow for easier visits to potential homes. This season provides excellent opportunities for thoroughly exploring properties of interest.
6. Tax Benefits of Homeownership
Homeownership comes with a number of tax benefits, including deductions for mortgage interest, property taxes, and more. These deductions can help you save money on your tax bill and put more money in your pocket.
7. Create a sense of community
When you own a home, you’re not just buying a physical structure–you’re also investing in a community
The cost of a home is determined by two significant factors: the home's price and the current mortgage rate. It seems that both of these components are increasing. However, suppose the price and mortgage rate were not increasing.
In that case, would you still wait to buy a home?
It's crucial to examine why you want to buy a home and determine whether waiting is worth it.
If you're looking for a great place for your children to grow up, a safer environment for your family, or more control over renovations, then perhaps now is the time to purchase a home.
Don't let rising prices and mortgage rates deter you from achieving your dream of homeownership. It's time to move forward and start the next chapter of your life.