Real estate values are always changing, so it may be difficult deciding the perfect time to purchase a home. Although no one can forecast future markets, you may rely on certain factors to help with the decision.
Here are some reasons to buy homes in MA this year.
Reasons To Buy Homes In MA This Year
Changes to Mortgage Insurance Rates
There are some great news for FHA buyers. The monthly mortgage insurance premium for mortgages insured by FHA is being decreased by half of a percent. On a $100,000 mortgage, the mortgage insurance drops from $112.50 to $41.67 per month. On a larger $400,000 home loan, it leads to a $167 difference.
Real Estate Prices Are Going Up
If you missed it, the bottom of the market has already come and gone in most markets. Market prices are actually starting to improve again in most regions. What does this mean for home buyers? There is the opportunity to build equity quickly. Purchasing now allows you to take advantage of prices while they are not at their max with the potential for further growth.
Renting Is More Expensive Than Buying
Buying has many benefits over renting. Property owners can usually use mortgage interest, property taxes, and other costs on their tax return. This may result in a big difference depending on your income bracket and other itemized deductions. Additionally, you have the opportunity to build equity either quickly or with time, so it is truly an investment and not solely a living expense. If you analyze the monthly figures and the other figures, buying is almost always the better choice.
Interest Rates Remain Low
Mortgage rates are very low. Many people are securing rates below 4 percent. Mortgage rates have a dramatic impact on home ownership costs, so it must be important. By securing a lower rate, home buyers spend less on a house or are able to approved for a better house. Rates continually fluctuate, so you might want to act quickly to lock in a low rate for the term of your home loan.
Home Buying Guidance in the MA Area
Every neighborhood is unique. Even nearby cities may have very distinct real estate markets. It is important that you use a knowledgeable and local real estate professional to provide you with important facts. He/she may also share additional reasons to buy homes in MA this year. Contact Bradford Pratt at REMAX on the Charles (781-316-5760, firstname.lastname@example.org) for up-to-date statistics on the real estate market or assistance with your real estate needs.