If you have been thinking out buying your first or next home in 2016, then you are entering the market at the perfect time. Here are some wonderful reasons why 2016 is the right year to buy a home:
1 – Low Interest Rates
Today, a 30-year fixed-rate mortgage is hovering around historic lows (about 4%). By buying a home and locking in a low interest rate, you could save thousands and thousands of dollars over the course of your home loan. As a point of reference, these rates were around 18.5% in the 1980’s.
2 – Rising Rental Costs
The cost of renting is going up faster than the price of homes in most parts of the country. Nationwide, an 8% average hike in rental costs is expected in 2016. Plus, when you rent instead of buying your own home, you are throwing away your money. Rather than paying someone else’s mortgage, you could be building equity in your own place.
3 – Low Down Payments
Today, you aren’t required to have a 20% down payment to purchase a home. In fact, in some situations, you can put down as little as 3% – even with a credit score as low as a 620.
4 – Great Tax Breaks
There are so many tax laws that favor homeowners. This includes being able to deduct all of the monthly interest that you pay on your home loan. You can also deduct some home-related expenses and various home property taxes.
So if you’ve been thinking about purchasing your first or next home, then now is a smart time to do so. Take advantage of the current market conditions and give us a call today. We can be reached at (760) 459-8383. We look forward to speaking with you!