If you're thinking about buying a home soon in Baton Rouge, here's 4 reasons why you should think about buying now.

1. Rising Prices

Over the last 12 months, home prices have increased by 6.2%, according to CoreLogic’s latest Home Price Insights report. Prices are expected to increase further over the next year by another 5.1%.

With prices expected to continue to rise, it makes sense to not wait.

2. Mortgage Interest Rates Will Increase

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates have already increased by 0.5% this year for a 30-year mortgage. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors agree that rates will continue to rise to around 5.1% by next year.

When interest rates rise, it affects your monthly payments. That means in a year, your mortgage payments could be higher, if these projections hold true.

3. You're Paying a Mortgage Either Way

Would you rather pay your landlord's mortgage or your own? If you rent, you're paying a mortgage, unless you live with your parents. Given the choice, of course you want to pay your own mortgage.

When you own a home, you're putting equity in it that you can use later in life.  It's a kind of forced savings account.  But when you rent, the equity goes to your landlord.

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

Both home prices and mortgage rates are on the rise, and this together makes the overall 'cost' of a home.

Would you still wait to buy a home if this cost wan't rising?

Analyze what your actual reasons are for buying a home. Is it worth it to wait?

Join us on our blog every week for more great real estate advice, along with articles about the great reasons to buy a home in Baton Rouge. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Baton Rouge and the surrounding area.