There are four reasons why now is a great time to buy in our market.
Here are the top four reasons you should purchase today if you’re thinking of buying a home:
1. Interest rates. Rates have dropped recently to the point where they’re lower now than they were in 2018. This means if you would’ve bought last year, you’d be paying more for your mortgage than you would today. Feel free to contact me to learn more about interest rates. I’d be happy to connect you with a lender who’ll secure you the best rate and the lowest payment for your home.
2. Appreciation. Appreciation rates have grown over the past few years, and we continue to see somewhat of a climb. If you wait to buy, you’ll deal with a higher purchase price down the road.
3. Equity. If you buy now, you can continue to build equity and reduce your principal as you make payments. The principal is what you borrow from a lender, and each payment helps you reduce your principal so you build equity in your home. If you plan on being in your home for five, 10, 15, or even 20 years, you can start building equity now.
4. Tax benefits. First, you’ll be able to deduct your interest on your primary residence when you sell it (with a limit of up to $250,000). Second, you’ll be able to deduct any of the other costs associated with purchasing. Of course, if you have any more questions about this subject, you’ll have to talk to your CPA or tax advisor.
The market is primed for both new and existing buyers, so if you’d like to buy now, don’t hesitate to reach out to me. I’d love to help you get started!