Are you thinking about buying a home? The current state of the housing market may have some potential home buyers feeling skittish, but there are actually a number of reasons why now is a great time to purchase a house. Here are the top five reasons to take the plunge and buy a home right now.
1) Low interest rates: Interest rates on mortgages are currently at historic lows, which means your monthly payments will be relatively low as well. This is especially beneficial if you’re planning on staying in your home for the long haul; over time, the amount you save on interest will be significant.
2) Inflation protection: Owning a home provides a built-in hedge against inflation. As prices increase over time, your home will likely appreciate right along with them. This increase in value can provide a nice nest egg down the road when you eventually sell.
3) Building equity: Every month, a portion of your mortgage payment goes towards paying down the principal balance of your loan. This means that you gradually build up equity in your home as you make payments. Equity can provide a buffer if you ever need to sell your home during tough economic times.
4) Increased purchasing power: Rising prices can actually work in your favor when you’re buying a house. As prices increase, incomes usually grow as well. This means that you’ll likely be able to afford more house than you could have even just a few years ago.
5) It’s still cheaper than renting: Despite recent price increases, buying is still cheaper than renting in most markets across the country. And unlike renting, every mortgage payment you make builds equity that you’ll eventually own outright.
For all of these reasons, now is actually a great time to buy a home despite what some people might say about the current state of the housing market. If you’re thinking about taking the plunge, be sure to start with getting pre-approved for a loan and consult with a qualified real estate agent to help you find the perfect property for your needs.
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