Buying a Home in Winter 2020
It doesn't matter if you're buying your first home or your fifth—you'll want to brush up on some of the basics before you embark on your real estate journey! If you're feeling a bit overwhelmed by the process, the Eddie Perez Group is here to help. Our seasonal buying guides have the most up-to-date information on all the latest trends, which makes it easy to make the right decision and find a new place to put down roots.
Ready to read the highlights? Here's what you need to know.
When you're buying a home, you'll want to keep up with all the latest trends and tips to streamline the process. Luckily, our seasonal guides are here to explain the ins and outs of the buying process! There's no better place to explore the latest stats, changes, and predictions for the real estate world—and it's all just a click away.
Buying Guide Highlights
CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.5% over the last 12 months. The same report forecasts that prices will continue to increase at a rate of 5.6% over the next year. This means you'll probably pay more the longer you wait to buy.
Mortgage Interest Rates Are Forecasted to Remain Low
Many major forecasters have noted that mortgages will remain at historically low rates during the new year. That means you can expect them to stay below 4% for most of 2020, which is great news for today's buyers. Low interest rates actually help increase your purchasing power, and you won't have to worry about any sudden rate spikes.
Either Way, You're Paying a Mortgage
Many renters are nervous about taking on a mortgage or handling a down payment—in fact, it's one of the main reasons why they aren't buying homes. However, whether you like it or not, you're still paying a "mortgage" of sorts if you're renting. One of the main advantages of buying, though, is that you're building equity in a home that you can tap into later on. Paying a landlord means the money only goes in their pocket.
Waiting May Increase Your Long-Term Costs
The "cost" of a home is determined by two major components: the price of the home and the current mortgage rate. Home prices are rising at rapid rate (6.8% in New Jersey), which means waiting could have financial consequences. However, home prices are at their lowest during the winter, and making a move now could save you thousands.
If you have questions about our buying guide or want to learn more about the current state of the market, we're here to help! The Eddie Perez Group is excited to help you find your dream home, and we're always available to chat. Feel free to reach out to us via phone or email—we'll get back to you in a flash!