The Best Time To Buy Your Mechanicsburg Dream Home
Selecting the Ideal Time to Move Up To Your Dream Home In Mechanicsburg
Is it time to move up to your dream home in Mechanicsburg, PA?
All the numbers seem to be in alignment to indicate this is the ideal moment for many Pennsylvanians to move up and step into their dream homes. So it is time for you to make the move too?
Zillow recently predicted that 2015 will be a breakthrough year for first time home buyers. The 2015 housing predictions report specifically highlighted…
- US rents will outpace home values
- Builders constructing more less expensive homes
- Home buyers will have more negotiating power
- PA as being home to one of “2015’s Best Markets for First-Time Home Buyers”
Why Move Up to Mechanicsburg New Homes in 2015
In our recent report ‘A Safe Haven From Soaring Rents’ we took a look at just how fast Central PA rents have been rocketing, and how low interest rates have made buying Mechanicsburg new homes as much as half as expensive as renting for some.
This disparity will only become more noticeable for those that buy now and lock in low mortgage payments. Those that pass on this window of opportunity will also have to be prepared for consistently rising rental payments.
Recent data from the Pennsylvania Association of Realtors also demonstrates how state home prices have been gradually rising over the last 3 years. With new homes for sale in Mechanicsburg and Harrisburg region more inventory is coming online; offering current homeowners a unique moment in which they can capitalize on recent equity gains, and negotiate great deals on brand new properties, before they go up in price.
The High Cost of Procrastinating
Central PA renters and homeowners that have hesitated in taking advantage of current conditions can’t ignore the math. It isn’t just about avoiding constantly rising rents, or even this being the cheapest they’ll ever find their dream home for sale.
If Mechanicsburg townhomes for sale, or new custom single family homes go up 10% in price over the next 6 to 12 months that may not appear to make a massive difference. However, if interest rates also go up, buyers will have to factor that in on top of the additional $17,000 or $30,000 in price.
For example; a 30 year fixed rate loan for $200,000 today means just $943.34 per month in principal and interest mortgage payment based on BankRate.com’s 3.9% advertised rates as of February 11th, 2015. If rates crept up 2 points, along with home prices, a $220,000 loan at 5.9% would cost around $360 more per month, and over $110,000 more over the life of the loan.
Plentiful Perks for Move Up Buyers
There are many perks of moving up now to new homes for sale in Mechanicsburg. Locking in low payments, enjoying rising wealth on autopilot, and paying less for your dream home in PA are all great reasons to make the move. Yet, beyond the direct financial benefits it can make you and your family feel great, enjoy higher productivity and more peace, and just makes life that much better on all fronts.