Why You Should Buy in 2014

Many buyers may still be undecided when it comes to buying a home. The market has certainly been a scary place over the last few years! If you are waiting to buy, I feel there are some very compelling reasons why you should consider buying now.

In December 2012 the national average sales price of a home was $230,600 and national average interest rates were 3.35%. Payments for a home at this price and interest rate were $1016.29. Fast forward to December 2013 and again look at the average price and interest rate. At the new price and rate, your new home now costs you $1244.64 per month. Your cost of home ownership in December 2013 is now $228.35 more per month or $2,740.20 more per year! Ouch!

If we take this idea one step further and use projections from the National Association of Realtors for home prices and interest rate projections from Freddie Mac for January 2015, the cost of home ownership in 2014 vs. 2015 will go up yet again by another $202.52 per month or $2,430.24 per year.

What do you think? Is is time to act?