If you are still sitting on the fence when it comes to home ownership, scrutinizing the real estate pages to confirm that the market really has stabilized before getting back on that bike, don’t wait too long—it could cost you!
Over the last four months, interest rates have increased by nearly .5 percent; home prices are rising as multiple buyers are bidding on limited inventory; and the FHA may soon require FHA buyers to pay mortgage insurance for the life of their loan. With these changes on the horizon, the cost of purchasing a home in a year or so will negate any appreciation your home acquires.
Michael Deery, mortgage expert at Citywide Financial, explains it best: “Let’s say we have a seller who can purchase a home today for $360,000 with a rate of 3.4 percent. A year from now, the same home costs $371,160 (roughly 3 percent appreciation) and rates have increased to 4.4 percent. By waiting a year to buy, the seller may pay an extra $262 a month, and over 30 years that’s an additional $94,320 to buy the same home ($262 x 360 months = $94,320). So by waiting a year to sell, yes you may gain an additional $11,000 in appreciation, but don’t forget the other half of that equation.”
For an in-depth look at why now is a good time to buy, visit http://www.kcmblog.com/2013/02/04/5-reasons-you-should-buy-a-home-now/
Now that we’ve reignited your interest in home ownership, we have some more exciting news. We recently completed building new homes in our gorgeous Valley Park community, making it the perfect time to buy your new Valley Forge, PA home.
Multi-award-winning Valley Park is a gorgeous community of 31 exquisite single-family homes on 1+ acre home sites in the heart of Schuylkill Township. Residents enjoy the quiet solitude and stunning seasonal changes of a riverside community situated on 8+ acres of open space
Tucked away in a private setting, yet close enough to major roadways, corporate centers, upscale shopping boutiques, sophisticated dining, and bountiful cultural and historical attractions, Valley Park is the ideal place to call home in Chester County.
View our elegant floor plans at http://www.bentleyhomes.com/communities/valley-park/home-designs, to get a better sense of the new homes in Chester County, PA, that could be yours to enjoy this summer!