Buying a new home can be a daunting prospect, especially for the first time buyer. A recent blog post from KeepingCurrentMatters.com highlighted a few talking points that can help real estate professionals explain to their clients why now is the right time to buy, and we wanted to share a few of those reasons with you here:
- First, home prices will continue to rise. In their most recent Home Price Index, CoreLogic reported that home prices have appreciated almost 6% in the last 12 months, projecting in the same report an increase of another 5.3% over the next year.
- Additionally, mortgage interest rates are climbing. While interest rates for 30-year mortgages have been hovering around 4%, many experts, including The Mortgage Bankers Association, Freddie Mac’s Primary Mortgage Market, and the National Association of Realtors predict that interest rates will shoot up almost a full percentage point over the next calendar year. Let your clients know they can likely save a few bucks on their monthly payments by buying now, instead of later.
- Third, buying a home is an investment in your client’s financial future. Whether they own or rent, they’re likely paying a decent amount of money every month toward their housing. Make sure your client understands that renters have no stake in the property they are paying for. Monthly payments from homeowners, on the other hand, go toward a tangible asset that will likely increase in value over the years.
What other tips do you have to help hesitant buyer’s take the plunge? Share in the comments below!