We have customers visiting our website and while speaking with them they will be hesitant about buying home in the near future. For one reason or another they are just testing the waters and we understand that. This article hopefully, will help uncover 5 reasons why it’s a wise decision to buy now.
1) Market Direction and Momentum:
No one would argue that the direction of the market is moving upward. For desirable neighborhoods in desirable school districts it’s the norm for homes to be appreciating at 1% per month. Think about it. On a $200,000 home that’s $2000 per month increase in value or cost if you haven’t already purchased your home. So if you want to wait 6 months to buy, effectively you’ll pay $12,000 more for the same house.
2) Low Interest Rates:
Interest rates are still at historical lows, under 4%. I remember when I bought my first home in 1982 the interest rate was 21%. As you all know interest rates go up and they go down. What direction does the interest rates have great greatest probabilities to move today? Up? Or down?
3) Tax incentives:
There are great tax benefits to home ownership. You are able deduct the interest you pay on your mortgage. You can also deduct the property taxes. The private mortgage insurance is also deductible. So this is a sizable annual tax savings for a homeowner.
4) Quality of Homes:
Sellers are learning the more they do to get homes to a “move in ready” the faster and the higher the sales price will be. Most home buyers prefer this type of home. Also, with new construction, new technology is being integrated into the new homes which are now more energy efficient and more user friendly than ever.
5) Neighborhood Fellowship:
I’m seeing a big move by new and established homeowners in neighborhoods to community and neighborhood involvement. People are having block parties, neighborhood picnics, forming neighborhood watch groups and spending time getting to know one another. This is a good thing.