It can be challenging to think about purchasing a home with all of the negative news on the real estate market. When you look at the facts, it is actually a great time to buy a home. Here are advantages of purchasing Newburyport MA homes in 2012.
Advantages Of Purchasing Newburyport MA Homes In 2012
Low Home Loan Rates
Interest rates are extremely low. Most buyers secured fixed rates under four percent in the first half of 2012. Mortgage rates have a big effect on monthly mortgage payments. By receiving a low rate, home owners spend less money on a property or are able afford a higher prices home. Rates will not stay low for very long, so buyers should act sooner rather than later to take advantage of this.
Home Price Trends
The downturn in the real estate market means that properties are priced much lower than they were at the peak of the market. Similar to stocks, it is better to purchase at a low price than a high one. Real estate generally increases in price over extended periods of time. By buying low, there is also more potential for an increase in value.
The Potential to Upgrade to a More Expensive Home
When property prices decline, it is actually a great time to move up to a higher priced house. Buyers may lose some equity on the sale of an existing home, but the money saved on the new home should outweigh that loss. Many buyers are finding that the declined prices provide a rare chance to purchase a dream home.
Rental rates are high even though housing prices have dropped, resulting in less of a gap between renting and buying. Home ownership has the additional benefit of tax deductions for mortgage interest, property taxes, etc. When you include the ability to build equity over time, home buying includes both savings and long term growth potential.
Home Buying Assistance for the Newburyport MA Area
There are many advantages of purchasing Newburyport MA homes in 2012. If you are ready to benefit from decreased prices, low mortgage rates, and the other advantages of buying a home, your first step should be to contact a mortgage professional and real estate buyer broker.
Contact John Wells at Wellsco Realty 978-518-1481, firstname.lastname@example.org for additional details on the real estate market and help with your real estate buying needs.