Home prices continually change, so it can be challenging figuring out the right time to buy. Although no one can predict future markets, you can rely on some factors to help you decide.
Here are a few advantages of buying MA properties this year.
Advantages Of Buying MA Properties This Year
It Is More Advantageous to Purchase Than Rent
Buying offers many benefits over renting. First and foremost are the tax benefits. This may result in a significant savings depending on your tax range and amount of deductions. Additionally, you can build equity either immediately or over time, so it is actually an investment in your future instead of just an expense. If you analyze the monthly expense plus the other financial figures, buying is often the clear choice.
Recent Reductions to Mortgage Insurance Rates
FHA buyers are receiving some extra assistance from recent changes. The monthly mortgage insurance premium for mortgages insured by FHA is being decreased by half a percent. On a $100,000 mortgage, the mortgage insurance drops from $112.50 to $41.67 per month. On a $400,000 mortgage, it changes from $450 to $$83.33 each month,..a $167 change.
Interest Rates Are Still Low
Home loan rates are still at an all time low. Many buyers are obtaining fixed rates under 4 percent. Home loan rates will have a huge impact on recurring loan payments, so it definitely should be considered. By receiving a low rate, you spend less on a home or can buy a larger house. Rates constantly fluctuate, so you should move quickly to take advantage of this.
Real Estate Prices Are Improving
If you missed it, the bottom of the market has come and gone in most major markets. Home values are actually bouncing back quickly in most regions. Why is this important for buyers? There is the opportunity to gain equity quickly. Buying now means taking advantage of home prices that are still fairly low with the potential for further growth.
Home Buying Assistance for MA
Every region is different. Even nearby towns may have completely different real estate markets. Therefore, it is critical that you work with an experienced and local real estate agent to provide you with necessary facts. He/she will also share other advantages of buying MA properties this year. Contact Peter DaMore at Law Offices of Peter T. DaMore Jr. (781-229-7900, email@example.com) for real-time information on the local market and assistance with your property needs.