2 minute read
To Buy or Not to Buy? Where Do Your Values Lie?
by Expert Contributor Sarah Forti, Realtor and Owner of Forti Homes with Keller Williams Realty
Housing is one of the most popular topics in the US today. Residential properties are a hot commodity as evidenced by bidding wars, lines around the block for an Open House, Buyers waiving inspections and mortgage appraisal contingencies. All of this is causing Home Buyer Fatigue, and for the Home Buyers who give up too early, it could cost them thousands of dollars in the long run.
The two main questions Buyers should ask themselves when making their decision to buy or wait are:
1. Do I expect home values to be higher a year from now?
2. Do I expect interest rates to be higher a year from now?
Graphic courtesy of Keeping Current Matters
Home Buyers should be aware that recent real estate market statistics show that there are currently 410,000 fewer single-family homes available for sale than there were at this time last year. This surprising statistic forced major industry forecasters such as Fannie Mae, Freddie Mac and the National Association of Realtors to amend the forecasts they made in January. They now expect home values to increase more than 7% this year. And while current mortgage interest rates are hovering at 3%, the average forecast expects that within a year, mortgage rates will be at 3.6%. By waiting, Buyers could quickly face higher prices, higher interest rates and decreased affordability.
For most of us, our home is so much more than an investment. It is a place where we can paint walls, hang pictures, and plant trees, knowing that we will be able to enjoy them for years to come. A home is a part of who we are, and connects us to what and who we value most.
Fannie Mae’s Q4 2020 National Housing Survey asked participants what feelings they associated with owning their home. The top 3 answers were:
1. Control over what you do with your living space (91%)
2. A sense of privacy and security (90%)
3. A good place for your family to raise your children (89%)
If the past year has taught us anything, it’s that focusing on our health and safety are a priority. Owning a home is a big piece of being able to accomplish that goal.
Expert Contributor Sarah Forti, Newtown Square’s Real Estate Expert and Owner of Forti Homes with Keller Williams Realty
FORTI HOMES with Keller Williams Realty
610-647-8300
www.FortiHomes.com
Sarah@FortiHomes.com
744 W. Lancaster Ave, Suite 125, Wayne
