Business / Economy

COLUMN: Why buy a home this summer?

When mortgage rates increase, your purchasing power declines

The following update has been provided by Renee Kunz, office manager at Intero Real Estate in Hollister. 

As most of you know, buying a home is the biggest investment a person typically makes in their lifetime. The question becomes…should you buy now? In my professional opinion, the answer is that it is a good time. According to Core Logic, a real estate information source, home prices have increased this past year as interest rates have climbed.

In addition, mortgage rates are increasing. They are still great… but will continue to rise this year per the experts. When your rate increases, not only does your mortgage payment increase, your purchasing power declines. 

Another reason to buy now is the sentiment of why pay someone else’s mortgage? Whether you like it or not, you are paying a mortgage now. It may not be yours but if you are renting, your rent is likely paying someone's mortgage. Remember, home ownership is also one of the last major tax deductions that has not been taken away.

 

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Renee Kunz VP & Managing Officer License:00963855

I am the Vice President and Managing Officer of Intero Real Estate Services in Hollister. I was raised in San Benito County and returned to the area with my husband as an adult and we are raising our children here. I have managed the Hollister Office since 2002. We are celebrating our 15th year of business this year. I obtained my broker's license in 1987. I am a third generation Realtor who is passionate about the real estate industry. Follow me on facebook: https://www.facebook.com/thekunzteam/