Most experts agree that buying a home comes with several advantages, and over the last year, we’ve discovered just how important a home really is. In these uncertain times, becoming a first-time homeowner can give you a sense of accomplishment and security that can be missing for some of us. For someone that already owns a home but wants to upgrade to their dream home, right now is the optimal buying time. Whatever your reason for wanting to buy a new home, purchasing it this year comes with a few key advantages.
1.Despite all the suffering sectors out there thanks to the pandemic, purchasing real estate continues to be a good investment. This is because doing so earns you equity – a forced savings of sorts that increases your net worth.
According to the most recent Equity Report, about one in three homes mortgaged in the U.S. are equity rich.
2.Mortgage interest rates have continued to drop. They are expected to level off at a very low 2.9 percent, which gives you the opportunity to afford more house for your dollar. The lower your interest rate, the lower your monthly mortgage payments will be.
Many people rent because they aren’t comfortable with committing to a 30-year mortgage payment. What these renters don’t realize is that their monthly rent payment is building their landlord’s equity and not their own.
Making a monthly mortgage payment increases your home’s equity, which in the future, you can use for things like paying for your kits’ college tuition, starting your own business, or moving into a bigger home.
Rental prices continue to rise, but you can put your monthly housing payments to work for you and reach your goals by purchasing a house instead of renting.
Buying a home right now can help you save money in the long run and give you long-term financial security. If you’re ready to buy a new home, call a real estate agent today.