Benefits of Buying a Home Now
The California Association of REALTORS sent out an infographic this week that indicates buyer optimism is at an all-time high. Did you know:
81% of Buyers indicated that home prices will increase over the next 5 years?!?!
Reasons to Buy Now
Transaction Related Tax Deductions - When it comes to filing your taxes and looking for deductions it is best to consult your professional tax adviser. Here is a great article to help get you familiar with the types of savings your household could gain by purchasing a home.
Forbes says it best:
Long Term, Buying Is Cheaper than Renting - In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You gotta live someplace, so instead of paying off your landlord’s home or building, pay off your own!
Reduced Competition - Here in San Diego we have it good...we don't have to worry about plowing through the snow to get to an Open House. It is rumored that Real Estate slows down during the winter months, I'm not a believer, those who are actively looking to buy a home will find themselves a sweet deal this winter! The rumored slow down could be a huge benefit to buyers. Seller's might be more motivated to sell and less competition in the market stave's off the Multiple Counter Offers we were seeing in the summer months.
Quick Tip:
Look for those homes that have been on the market 90-120 days and have already been through 1 or 2 price reductions. This will be your sweet spot where the buyer wins, lately I personally experienced up to $103,000 in savings for our buyer. There are deals to be had my friends!
Interest Rate Uncertainty - Rates are still great! Who knows how long that will last moving into 2015. Our very own Warren Buffet says it best:
Shorting interest rates is a bet they will rise. The average rate on a typical 30-year, fixed-rate mortgage was 4.19 percent last week, Freddie Mac surveys show. That compares with the 6.14 percent average during the past two decades.
Not sure if you qualify? No problem. Complimentary Pre-qualification appointments can be made with one of our favorite Loan Officers: Todd Gorman with Banc Home Loans.
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