It may be difficult to consider purchasing a property due to the negative press on the real estate market. When you look at the facts, it is really a great time to buy real estate. Here are benefits of buying Burlington MA homes in 2012.
Benefits Of Buying Burlington MA Homes In 2012
Reduced Mortgage Rates
Interest rates are at an all time lows. Many buyers secured fixed rates below four percent in the first half of 2012. Loan rates have a huge effect on recurring loan payments. By receiving a low rate, home owners spend less money on a home or afford to buy a more expensive home. Rates will not stay low for the long term, so buyers should act sooner rather than later to to fix in a low rate for the full term of their home loan.
Affordable Home Prices
The downturn in the real estate market means that home prices are lower than they were at the peak of the market. Like stocks, it is better to purchase at a low price than a high one. Real estate generally increases in price over time. By buying on the low end, there is much more potential for price increases.
The Potential to Upgrade to a Bigger Home
When home values decline, it is actually the best time to move up to a more expensive property. Buyers can lose some equity on the sale of a current property, but the savings on the more expensive home will outweigh that loss. Many buyers are realizing that the declined prices offer a rare chance afford a dream home.
A Smaller Gap Between Renting and Buying
The cost of rent are high even though housing prices are low, leading to less of a difference between renting and buying. Buying has the additional advantage of tax deductions for loan interest, property taxes, and other expenses. When you also consider the benefit of building equity over time, home buying provides both savings and long term growth potential.
Help With Purchasing a Property for the Burlington MA Area
There are many benefits of buying Burlington MA homes in 2012. If you are ready to benefit from low prices, low mortgage rates, and the other benefits of buying a property, start by finding a mortgage broker and real estate buyer agent. Contact Peter DaMore at Law Offices of Peter T. DaMore Jr. (781-229-7900, firstname.lastname@example.org) for additional information on the local market and help with your home search needs.