If there was ever a year to buy a home, it is 2016. Taking all of the factors into consideration, there hasn’t been a year this ripe for real estate investments in a very long time. If you’re on the fence about whether or not to invest in a new home, now is the time to take the plunge.
Possibly the biggest reason to buy a home in 2016 is the simple fact that prices are finally stabilizing! For the buyer, this means a prime opportunity for a better price. According to real estate broker Tom Postillo, from HGTV’s “Selling New York,” now, while the market cools, is the moment for capitalizing on negotiations with sellers.
Interest rates are nearing an unprecedented low that experts predict will not last long. 2016 very well may be the last year you can get a 30-year fixed rate home loan of 4%! Rates this low can save you thousands of dollars by the time your mortgage is paid off.
While interest rates are down, however, rents are skyrocketing all over America. In many markets, it is actually cheaper to buy a home now than to rent! This is driving many people into the new home market, helping to stabilize prices.
Right now, tax laws are particularly favorable around the country for new homeowners. In fact, the ability to deduct all of the monthly interest you are paying on your home loan is a very real possibility if you plan to buy a home this year.
If you hadn’t planned to buy a home in 2016, don’t fret! Down payments for many homes are as low as 3%, and if you need mortgage insurance, that is unusually cheap, too! In fact, if you take out your loan from the Federal Housing Administration, fees are down to .85% of the mortgage balance – that’s a deal you just can’t pass up.
Still need convincing? Realtor.com goes into more detail on why 2016 is such a great year to buy a home at: http://www.realtor.com/advice/buy/reasons-to-buy-home-in-2016/.
It would be a shame to waste these prime home-buying conditions on an impersonal, cookie-cutter home. It would also not be a great investment, at least compared to building a unique, high-quality home. At True Built Home, every house we build is not only tailored to your needs but also a great financial investment.
If you’re looking to build a home in the Pacific Northwest, contact us and learn what makes a True Built Home such a great investment in your future.