The market doesn’t look so good to many people and businesses, but it’s certainly a great one to buy a house or two. It is during this time when market conditions are unfavorable that it is worth considering purchasing a home.
Why go shopping now?
There are many reasons to consider shopping for a place of residence. Below are some of the more obvious ones. Review each one carefully to appreciate why the best time to look for a home is now.
• Tax savings – The way the current tax structure works allows people to deduct their property taxes and mortgage interest, saving on taxes. This cannot be done if you were simply renting. This may change soon.
• Homes today are big on energy efficiency, thanks to all the code changes – Across the country, the houses being built are highly energy efficient and technologically up-to-date compared to six years earlier. From high-efficiency water heaters and furnaces to Energy Star appliances and better insulation values, new homes are better equipped. People end up with less cost in utility bills or expenses.
• Discounts galore – Housing complexes and home builders give deep discounts on newer residential properties. They do it to persuade more people to buy. Keep an eye out for such opportunities, as they may be your ticket to becoming a homeowner more quickly.
• Super low interest rates – Currently, the average rate on 30-year fixed-rate mortgages is set at 4.375 percent. Still, the rates change every day. One day they are down and the next day they are up, so there is always reason to be hopeful.
Buying a home worth $150,000 at a 4.375 percent mortgage interest rate, with a 5 percent down payment, your monthly principal plus interest payments would be only $711.48 (taking into account insurance, PMI and property taxes to get actual payments due per month). ). All in all, the amount to pay is reasonable; most rental places charge more per month.
• Capital gains and investment – Every month you pay the mortgage, a part goes to the payment of the principal. In other words, eventually the property will be yours. Since you are the owner, you are free to do what you want with it. No more asking the owner for permission before making changes. The principal paid each month is considered equity. In the long term, there is an appreciation of house prices, which further increases the value of the house.
• Modern everywhere – Today’s homes are packed with modern features and offer a wide range of selections and floor plans. There are universal layouts, egress windows for easy basement completion, home offices, low maintenance, innovative construction techniques, flexible space, open floor plans, and state-of-the-art materials.
Today’s market is perfect for buyers, so feel free to explore it and take advantage of the situation. The current real estate market and economic conditions are in favor of buyers. With the right negotiation tactics, you could find a home that saves you big while being loaded with positives.
