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Buying a home may seem like a daunting undertaking, but this year many good reasons to buy are coming together in your favor.
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Reason 1: Interest rates. Interest rates are still at an all time low! The feds have begun a long-term trend of raising interest rates, but as of today mortgages rates haven’t seen the hike. When my parents bought their home, they had a great rate of 13 percent, can you imagine that? It is likely we will never see rates again this low.
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Reason 2: Rents are going up. If you have noticed the price of homes has gone up lately, the cost of renting is winning the race. Almost 90 percent of property managers raised their rent this last year, while with a 30-year fixed rate mortgage, your payment will never go up! On top of that, your mortgage will likely be less per month than what rent would be for a similar residence – if you can find one, which has been a problem in our local rental market.
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Reason 3: No dollars? We all have heard of zero-down home loans, but is it smart to buy a house with zero dollars up front? I did! As low as interest is right now, homes appreciate faster (on average 5 percent per year) than what you’ll pay in interest even with zero down. Yes, with a low- or no-down payment you will pay mortgage insurance, but don’t forget about the tax breaks offered to homeowners! Interest paid on a mortgage is tax deductible, which is probably stellar enough to be reason 4.
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No two people are in the same situation when it comes to buying a home. If you’re planning on buying some time in the future, or would even just like to try, it would be beneficial for you to sit down with a real estate professional to discuss your needs. I am the local expert and would love to get to know your personal situation. Best of all, it won’t cost you a dime. You can reach me at 801-369-0057 or jace@influencerealestate.com.
