Six Reasons to Buy in the Spring

We are officially in Spring, which means we’ve also entered an excellent time of year for buyers to purchase their next homes. In celebration of the spring selling season, I’ve put together a list of the six top reasons why you should consider making your next move.

Home values continue to rise at unprecedented rates in the Puget Sound region, as the latest S&P/Case-Shiller Home Price Index reveals Seattle has now led the nation in home price growth for 17 consecutive months. In January 2018, single-family home prices were 12.86 percent higher than the previous year, a figure many are attributing to a lack of available homes for sale amidst rising demand. With prices predicted to continue their increase, the time to buy is now.

1. Mortgage Rate Increase

According to a recent Cornerstone Lending report, “Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close to 4.0% in 2017,” and “most experts predict that rates will rise over the next 12 months.” Rate increases mean that anyone who will require a mortgage to purchase their first home will experience higher monthly payments the longer they wait.

2. Whose Mortgage Are You Paying?

Have you ever thought about the fact that regardless of whether you own a home or not, you are paying someone’s mortgage? If you own your home, your monthly payment contributes to equity that you can tap into later in life. But when you rent, that equity goes straight to your landlord. Consider purchasing to bolster your own finances instead of someone else’s.

3. Inventory is Diminishing

Anyone that has started a home search in the past couple of years or followed housing market trends will not be surprised to know that Seattle is undergoing a massive shortage of inventory, which, along with rising demand, is fueling price growth. Spring is historically a busier season in real estate, which means more sellers are listing homes and thus more options for you. As Dean Jones, President & CEO of Realogics Sotheby’s International Realty recently remarked regarding the shortage of condominiums within the downtown core, “new supply will do little to address the current [affordability] crisis,” which means it’s better to lock in your purchase now because prices will continue to grow.

4. It’s the Perfect Season

Nothing is worse than trying to coordinate a move when the weather is less than stellar or when the kids are forced to transfer schools within the middle of the year. Purchasing in spring means moving will happen in the summer months when the days are longer, the chances of sun are highest, and the whole family has a chance to settle in before the school year starts one more time.

5. Isn’t it Time to Move on?

As Cornerstone Lending notes, home prices and interest rates are both rising, which means “buying sooner rather than later could lead to substantial savings” because the longer you wait, the more you’ll pay.

Thinking about making your next move? Contact me today so we may discuss your spring homeownership opportunities.