Reasons to Buy a Home Now

The Buyers Market

1.  High Inventory: There is currently a balance of supply and demand that leans in the buyer’s favor. High inventory leaves a buyer with many available choices, and in all price ranges.

2.  Negotiating Power: The high inventory also allows for decreased prices and more negotiating power for the buyer. Not only can a homebuyer find their dream home, but they can do so for a great rate.

Home Prices

3.  Home Prices: Prices have come down a great deal from years past, and will only continue to rise over time.

4.  Interest Rates: With interest rates also at the lowest point in years, a single housing payment is going farther than it did in the past. Interest rates will not remain this low, and are expected to rise again soon.

Tax Savings

5.  Tax Deductions: Buying a home allows for many tax deductions, such as mortgage interest, mortgage insurance and real estate taxes. This means that after taxes, your mortgage payment will be lower than a rent payment would have been.

6.  Tax Credit: The new tax credit for homebuyers has been extended through spring, with an $8000 credit for new buyers and a $6500 credit for repeat buyers.

Personal Savings

7.  Appreciation: Home prices always move upward in the long run, appreciating the value in a home.

8.  Equity: If you have an amortizing loan, each mortgage payment is building equity in your home. It is such a gradual change many people don’t notice it, but it is allowing you savings.

9.  Rising Rents: Rents are expected to continue to rise.

Incentives and Extras

10.  Material and Non Material Extras: With the buyer’s extra sway in negotiations, you are able to ask for things that may not have been previously included, such as material items (like appliances) or non material items (such as a home warranty) as part of the purchase of the home.

11.  Home Improvements: Many sellers are working hard to make their homes move in ready, with extra home improvements and updates.

12.  Maintenance Costs: With updates and repairs before the home’s purchase, a buyer can save money in maintenance along with having a newer looking home.