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Is now the time to Buy a house?
Now is a great time to buy. Rates are still at record lows and the housing market is not showing a trend of slowing down any time soon. Three reasons to buy a home today:
1. Buying vs. Renting
The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The report reveals that:
“Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation…Nationally, rates would have to reach 9.1% for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.”
2. Homeownership Could Offer Several Tax Deductions
According to the Tax Policy Center’s Briefing Book -“A citizen's guide to the fascinating (though often complex) elements of the federal Tax System” - there are several tax advantages to homeownership. Here are three:
- Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage.
- Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes.
- Taxpayers who sell assets must generally pay capital gains tax on any profits made on the sale.
3. Experts Expect Home Price Appreciation to Continue
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
Over the next five years, home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
What does all of this mean? Buying a home now is setting you up for financial gain in the future. Call or email today to see what we can get you pre-approved for. Brittney Campbell with Franklin American Mortgage 615.491.4744 firstname.lastname@example.org
Being Pre-approved before making an offer is a must in todays Sellers market. There are many components to buying your next home. Brittney and I are here to help you from the first step of the process to the last. Let's get together soon and talk about your future plans.
"You've Got a Friend in Real Estate"
Jarod Tanksley 615.403.8265
Brentview Realty 615.373.2814