A list of stel­lar rea­sons to buy a home in 2016

Serve Daily - - FOSTERING INNOVATION - By Jace Gor­don

Buy­ing a home may seem like a daunt­ing un­der­tak­ing, but this year many good rea­sons to buy are com­ing to­gether in your fa­vor.

Rea­son 1: In­ter­est rates. In­ter­est rates are still at an all time low! The feds have be­gun a long-term trend of rais­ing in­ter­est rates, but as of to­day mort­gages rates haven’t seen the hike. When my par­ents bought their home, they had a great rate of 13 per­cent, can you imag­ine that? It is likely we will never see rates again this low.

Rea­son 2: Rents are go­ing up. If you have no­ticed the price of homes has gone up lately, the cost of rent­ing is win­ning the race. Al­most 90 per­cent of property man­agers raised their rent this last year, while with a 30-year fixed rate mort­gage, your pay­ment will never go up! On top of that, your mort­gage will likely be less per month than what rent would be for a sim­i­lar res­i­dence - if you can find one, which has been a prob­lem in our lo­cal rental mar­ket.

Rea­son 3: No dol­lars? We all have heard of zero- down home loans, but is it smart to buy a house with zero dol­lars up front? I did! As low as in­ter­est is right now, homes ap­pre­ci­ate faster ( on av­er­age 5 per­cent per year) than what you’ll pay in in­ter­est even with zero down. Yes, with a low- or no- down pay­ment you will pay mort­gage in­sur­ance, but don’t forget about the tax breaks of­fered to home­own­ers! In­ter­est paid on a mort­gage is tax de­ductible, which is prob­a­bly stel­lar enough to be rea­son 4.

No two peo­ple are in the same sit­u­a­tion when it comes to buy­ing a home. If you’re plan­ning on buy­ing some time in the fu­ture, or would even just like to try, it would be ben­e­fi­cial for you to sit down with a real es­tate pro­fes­sional to dis­cuss your needs. I am the lo­cal ex­pert and would love to get to know your per­sonal sit­u­a­tion. Best of all, it won’t cost you a dime. You can reach me at 801-369-0057 or jace@in­flu­ence­realestate.com.

Jace Gor­don

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.