When is the Right Time to Buy a Home?
If you are wondering when the best time is to buy a house, the answer is undoubtedly right now! After the housing market crashed and the government intervened, the perks for first-time home buyers has rebounded.
A home is a massive investment. Therefore, it is wise to keep up with fluctuating trends if you are in the buying market. Even though the housing market crashed, the price of homes in America is steadily on the upward climb. Since prices are not likely to go down anytime soon, there is no reason to wait around for the cheapest option.
The good thing is if prices do go up, then you are making money on a new home. A home purchased for $300,000 now might be able to sell for $325,000 or more in the near future. Therefore, following market trends is vital.
Regardless of whether you are buying an investment property or looking to move into a new home, here are some reasons you should purchase now.
1. It Is Affordable
With home building expected to go up by as much as 10 percent this year, buyers have a booming supply of homes. That, combined with the recent housing market hurdle (think back to 2008), helps drive the average home price down.
While major areas, such as New York City, San Francisco, and Hawaii, will maintain high costs, purchasing a home elsewhere is generally much more affordable.
2. Unique Benefits to First-Time Homebuyers
Whether you are buying a forever home or investment property, first-time homebuyers are encouraged through exclusive deals. Incentives include lower down payments or lower interest rates.
Also, some people buying their first home may be entitled to plenty of tax savings. For instance, first-time homeowners can now claim mortgage interest deductions and property taxes.
Also, if you work from home, you can now claim a home office deduction when tax season rolls around.
3. Competition Should Only Increase in the Future
Recent history has proven that even if the cost of a home is increasing, there is no slowing down the buyers. Some forecasters even predict that home sales will grow to over six million by next year.
Competition for homes will increase enough in the future that buying right now will undoubtedly earn you a profit later.
4. Governmental Help is High
There are plenty of grants and programs to help you purchase your home now. These range from FHA and USDA loans to resources provided through Freddie Mac.
If you are purchasing a home that was built (or remodeled) to be energy efficient, you can even qualify for an Energy-Efficient Mortgage.
Professional Help from the Industry Professionals
The best time to buy a house is now and we will help prepare you with all the tips and resources you will need. We aim to gather industry advice and professional help to make homebuying easy and worry-free.
To learn more, visit our blog today.
We at 7th Level Mortgage are an experienced team of mortgage professionals based out of New Jersey and serving the east coast from Pennsylvania to Florida including Delaware and Maryland. We have won numerous awards for our excellent professional work and reputation with clients for being extremely diligent, accessible and hands-on throughout the entire mortgage process.