5 reasons why now is a good time to buy a home!
1. Affordability – The historically low interest rates plus the lowered price of homes can make this the home-buying opportunity of a lifetime.
2. More Homes to Choose from – Most areas have a large inventory of homes for sale – providing buyers a larger selection. Once the market improves and inventory shrinks – home prices will increase.
3. Tax Deductions for Mortgage Interest and Property Taxes.
4. Over the years, home ownership has proven to be a good investment.
5. Historically Low Interest Rates – We have a tendency to look at just the PRICE of the house instead of the COST. The most important thing to most buyers is the cost – “How much is it going to cost each month?”
If you’re waiting for the market to “bottom out” the home you want may end up costing you more. One, a mortgage may cost more. These historically low interest rates won’t be around forever! I remember when I started my career in real estate in the mid-80’s – any mortgage below 10% was considered to be a prize. Two, when home prices start to inch up – sales numbers will go up, inventory will go down. Grabbing the absolute bottom price may be as elusive as grabbing the “golden ring” on a carousel.
Bottom Line: This may be the most optimal time to purchase a home. Find the right house at the right price on the right terms and plan on staying in that home a few years – and you can take advantage of this home-buying opportunity.
Search All Homes on Long Island MLS using maps, quick search buttons. Call Cheryl at 631-223-8549 or Email me at Cheryl@LIagent.com.
Thanks to Steve Harney, Keeping Current Matters for the great graph!