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.