4 Reasons to Buy in Redding This Fall

It’s that time of year in Shasta County; the seasons are changing and with them come thoughts of the upcoming holidays, family get togethers, and planning for the new year. For those who are on the fence, now is the right time to buy! Here are 4 Reasons to Buy in Redding this Fall.

1. Prices in Redding Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of more than 5% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts across the country. Their most recent report projects home values to appreciate by more than 3.5% a year for the next 5 years.

The bottom of home prices has come and gone. However, home values in Redding will continue to appreciate for years to come.

2. Redding's Mortgage Interest Rates Remain at Historic Lows

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained at or below 3.5% for 13 consecutive weeks. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

Any shift in rates will directly impact YOUR monthly mortgage payment. A year from now, the percentage of your income that you spend on housing will increase substantially if you choose to wait.

3. Either Way You Are Paying a Mortgage

Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either your mortgage or your landlord’s. As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal. Households that rent, pay down the principal of a landlord, plus a rate of return. That’s yet another reason owning often does end up making more financial sense than renting.”

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But what if they weren’t? Would you wait?

Look at the actual reasons for buying and decide whether it is worth waiting. Whether you want to have a great neighborhood in Redding for your children to grow up, or you want your family to be safer, closer to schools, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home in Redding this year, buying sooner rather than later could lead to substantial savings. If you are ready to buy your dream home in Shasta County, give me a call at 530-222-3800.