Happy New Year!!
If you’ve been thinking of buying or selling your home this year, the first quarter is a great time to go for it. Don’t believe us? Here are five reasons why you should brave the cold and move ahead with your home buying or selling dreams this year.
Prices are going up
Home prices continue to rise and according to Zillow, “with home values forecasted to rise in every major U.S. metro over the next year, a 20 percent down payment on the median-priced home today will cost thousands of dollars more just one year from now. Nationally, the median home will be worth $6,275 more a year from now, according to Zillow’s home value forecasts. That means the average U.S. buyer will need to save an additional $105 a month – $1,260 total over the next year – just to account for how much more a 20 percent down payment will cost a year from now.” Want more information about this statistic? A Savvy + Co. agent can show you the numbers and explain how much waiting can cost you to get into this housing market.
The “one” is out there
Prices are slightly lower the first couple months of the new year. Spring is often Charlotte’s “hot” market with prices ticking up from March until May. So from early January through early February you might luck out and snag a house that has been on the market a while. There are houses that have “missed” the market and your Savvy agent can help you work with sellers who are ready to find you. You could save anywhere from one to four percent off the asking price too. Which is way better than paying over asking price come Valentine’s Day.
Taxes, taxes, taxes…
There is a lot to consider with the new tax plan roll out. Investing your tax savings in yourself should be a number one priority and buying a house is one of the best ways to do that. When a homeowner makes a mortgage payment, a portion of that payment pays the loan down each month, giving the owner more equity in the home. This “forced savings” can be a smart move, especially when it comes to retirement. Buy smart and make your mortgage payments in order to contribute money to the best piggy bank you’ve ever had.
Don’t leave money on the table
You wouldn’t dream of walking away from money that belonged to you, so why are you still renting? Home prices may be getting more expensive, but buying a home is still better than renting if you’re looking to build wealth. Purchasing real estate is a great way to start working towards financial independence and begin building your way to a better financial future. There are loan programs for first-time buyers that come with perks including very low downpayment if you a buy a home in certain conditions. And when it belong to you, you can make it yours. If purple stripes with pink polka dots is your thing we say welcome home!
Get ahead of the game
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). Need more convincing? Lawrence Yun, the National Association of Realtors’ Chief Economist, estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000) between homeowners and renters. Don’t you think it’s time to get in the game?
Whether you’re thinking of buying your first home in 2018 or selling your house and moving into a new one, now is the time to book a consultation with a Savvy + Co. Real Estate agent.