The market fluctuates, interest rates may increase, and new tax reform means everyone is waiting to see what happens at tax time.
So, why buy a home this year?
Interest Rates Are Still Low – for Now
The past few years have seen some of the lowest interest rates ever for home buyers, but that is starting to change. The Federal Reserve recently raised interest rates by another quarter-point, and recent tax reform has left the door open for a bit of volatility in the market. Capitalize now and lock in a low rate.
This is the Year of Building Equity
Unless you're the benefactor of a wealthy relative, have recently won the lottery, or the inventor of the next Sham-Wow™, you're going to need to take out a mortgage when you buy a home. While this may seem like something your parents do, not you, there are crazy benefits to paying a mortgage every month. Number one is that you build equity in your home, which you can tap into later in life for things like sending your future kids to college or buying a boat.
It's Cheaper Than Renting
No joke, renting can be pricey, especially as you get older and want more out of your living situation. We remember the days of everything we owned fitting into our cars. Now you own furniture, plants, maybe even a pet – and space is an issue. According to Tulia, it's over 37% less expensive to buy a home than rent. More space, more savings, more pets? Yes, please!
You're a Jo & Chip Dynamo Team Just Waiting for Your Big Break
If you love home improvement shows like Fixer Upper you probably already have your dream home designed, decorated and turnkey ready - on Pinterest at least! Take your design mojo and make it a reality in your very own home. Owning a home gives you the freedom you want to redecorate, paint, remove a wall, build a man cave, whatever. It's yours to enjoy.
If this is the year of buying a home for you, then call our mortgage lenders today to get started.