It may be difficult to think about buying a property with all of the negative news about the real estate market. When you consider the facts, it is really a great time to buy real estate. The following are advantages of purchasing Waltham MA homes this year.
Advantages Of Purchasing Waltham MA Homes This Year
Favorable Home Loan Rates
Interest rates are at an historic lows. Most buyers secured fixed rates below four percent in the last few months. Interest rates have a significant effect on monthly loan payments. By obtaining a low rate, home owners spend less on a property or afford to buy a higher prices home. Rates will not remain low for the long term, so buyers should act sooner rather than later to to fix in a favorable rate for the full term of their home loan.
The decreased real estate market means that listing 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 purchasing on the low end, there is much more room for an increase in value.
The Potential to Upgrade to a More Expensive Home
When property values decline, it is actually the best time to move up to a more expensive house. Buyers can lose money in selling a current property, but the money saved on the more expensive home will outweigh that loss. Many buyers are realizing that the lower prices provide a rare chance to purchase a home of their dreams.
A Smaller Gap Between Renting and Buying
Rental rates are high even though housing prices have dropped, resulting in a smaller difference between renting and buying. Buying has the additional advantage of tax deductions for mortgage interest, property taxes, etc. When you also consider the ability to build equity over time, home buying includes both savings and long term growth potential.
Help With Buying Real Estate for the Waltham MA Area
There are many advantages of purchasing Waltham MA homes this year. If you want to benefit from decreased prices, low interest rates, and the other benefits of a home purchase, start by finding a mortgage professional and real estate buyer broker. Contact Darleen Foster at RE/MAX On the Charles (617-448-7894, DarleenFoster@remax.net) or Bradford Pratt (781-316-5760, firstname.lastname@example.org) for additional information on the real estate market and help with your real estate buying needs.