<center>The Stages of Home Purchasing Preparedness</center><br><center><a href="http://figure8re.com"><img src="http://i.imgur.com/wkF55FE.jpg" title="Figure 8 Real Estate Group" /></a></center><br>A lot of buyers go through certain stages of readiness along the course to acquiring a house. The first stage is personal readiness. This is when buyers weigh their alternatives and choose if they are, in fact, prepared to buy a house-- economically, emotionally, and otherwise.<br><br>Usual concerns during the first stage include: Do I make adequate cash to cover the regular monthly mortgage payment? Can I afford a deposit? Will I be sitting tight for a while, or moving once again in a few years? Am I all set for the problems connected with homeownership? Or am I better off leasing at this phase in my life?<br><br>When a person has finished all of this soul searching and chosen in favor of purchasing, he or she moves into the next phase of preparedness. Now the question ends up being, should I get now or wait to see what the market does? This appears to be where you are right now. Should you buy a home now or wait till 2015? And if you do wait, will you be better or worse off when you lastly purchase? Let's peel away the layers ...<br><br>Buy Now or Wait Till 2015?<br><center><a href="http://figure8re.com"><img src="http://i.imgur.com/jeBh0PA.jpg" title="The Best Realtors in Silver Lake" /></a></center><br>In the second stage of preparedness, it's all about market timing and trying to obtain the best deal on a home. You wish to buy when house costs and mortgage rates are reasonably low, or at least before they increase any additional. The bad news is that the rock-bottom rates and interest rates lag us. So you would most likely need a time machine to obtain a much better deal than what you might get today.<br><br>But exactly what about next year? Could you conserve money by delaying your purchase up until 2015? On the pricing side, a lot depends upon where you live. House costs are regional in nature. Some local property markets are appreciating rapidly at the moment (like lots of in California), while other markets are sputtering in addition to only 1 % or 2 % yearly gains. Others are flat or perhaps declining.<br><br>So we need to be careful of making broad generalizations about what "the" U.S. housing market will do in 2015. In reality, there isn't really one nationwide housing market, but hundreds of micro-markets. So you have to discover what's taking place in your neck of the woods, and exactly what is expected to take place over the coming months and years.<br><br>No one has a crystal ball. But there are a lot of enlightened guesses out there, and they can help you make a better-informed decision. This will assist you decide whether to buy a home now, or wait until 2015.<br><br><center><object width="475" height="297"><param value="http://www.youtube.com/v/xp5BMneWkrw&showsearch=0&rel=0&fs=1&autoplay=0&amp;ap=%2526fmt%3D22" name="movie" /><param value="window" name="wmode" /><param value="true" name="allowFullScreen" /><embed width="475" height="297" wmode="window" allowfullscreen="true" type="application/x-shockwave-flash" src="http://www.youtube.com/v/xp5BMneWkrw&showsearch=0&fs=1&rel=0&autoplay=0&amp;ap=%2526fmt%3D22"></embed></object><br /><a href="http://www.youtube.com/watch?v=xp5BMneWkrw&fmt=22" target="_blank"></a></center><br><br>Will Home mortgage Rates Go Up Next Year?<br><br>Ask ten economists if home loan rates will certainly be higher at the end of 2015 than they are right now, and a minimum of 9 of them will say yes. Possibly all ten. The basic agreement among housing experts is that rates will certainly rise progressively over the coming months. I wrote about this a few weeks ago (see our pack of forecasts for 2015).<br><br>The lowest rates of perpetuity took place in 2012. In November of that year, the average rate for a 30-year set home mortgage (FRM) fell to an exceptionally low 3.31 %. Do not expect it to be that low once again anytime quickly. The current average at the time of publication was 4.23 %, and it's expected to increase further in 2015.<br><br>We just came out of a three-month duration of uncommon rate stability, as you can see in the chart below. You'll notice the fairly flat line on the ideal side of the chart, between June and September of this year. Rates changed hardly any throughout that duration. This week, however, the 30-year average increased 11 basis points (0.11 %) from 4.12 % to 4.23 %.<br><center><a href="http://figure8re.com"><img src="http://i.imgur.com/bOQnKtQ.jpg" title="Top Rated LA Real Estate Pros" /></a></center><br>Bottom line: Most economists expect to see a progressive increase in rates in between now and the end of 2015, with the 30-year average ending the year someplace in between 5.5 % and 6.0 %.<br><br>Simply keep in mind that loan prices can vary a fair bit from one week to the next, even though the general trend might be upward or downward. In the chart above, you'll discover that rates are presently lower than this time in 2013. However they also spiked at the start of 2014. So there are "micro-trends" and changes, although the yearly trend might be up or down.<br><br>As a house buyer, you can't truly "time the market" from one week or month to the next. The very best you can do is study the yearly projections for lending rates and regional home prices, and make an informed decision based upon that.<br><br>What About U.S. House Rates?<br><br>When choosing whether to get a house now or in 2015, you must also consider local prices trends. "Regional" is the keyword there. Residence values in the majority of U.S. cities have actually risen over the last year, and will likely continue to rise over the coming months. But there are still pockets of depreciation here and there.<br><br>As I wrote earlier this month, economists have anticipated a general "cool-down" in home values. They anticipate them to keep increasing through 2015, however not as much as they increased over the in 2013 approximately. However we're discussing the nationwide trend right here. Things get a lot more varied, and less foreseeable, when you drill down to the city and metro level.<br><br>If existing market conditions and trends are any sign, house rates will likely increase most in California and the Southwest over the coming months. More moderate gains can be anticipated throughout much of the nation. Some cities in New England and the Midwest might really see decreasing values through this time next year. The rate of interest projections discussed above more or less apply to the entire country. But price projections are local in nature. They vary from one housing market to the next.<br><br>So, should you buy a home now or in 2015? This is a customized concern that can not be addressed across the board. However based upon the basic consensus among housing analysts and economists, it seems the postponing a purchase till later on in 2015 could be pricey. You could wind up paying a higher mortgage rate, as well as a higher rate for your house. However once again, the latter will depend on your local housing market. So make certain to do a lot of marketing research at the local level.<br><br> <a href="http://figure8re.com">get a free consultation</a>