Since we did a 3-part series explaining the importance of selling your home, we thought we’d do another series on the importance of buying a home! We didn’t want you buyers out there to feel left out!!
Here are 6 reasons to buy a home today:
- Mortgage rates are CRAZY low
- Protection against inflation
- Home prices won’t be this low forever
- Save a lot on next year’s taxes
- You won’t have to think about mortgage rates again for a long, long time
- A stronger sense of community
We can’t always know what the future holds, but we do know one thing: 2013 is going to be another great year to be a homeowner. If you haven’t yet taken the plunge into homeownership, it’s time to reassess your financial strategy, because there’s never been a b
etter time than now to buy a home.
Mortgage rates are CRAZY low
Low rates are like rainbows; they’re pretty marvelous, but when they’re gone, they’re gone. Just a few short years ago, 30-year fixed rates were above 6.00%. For December 2012, they averaged 3.35%. If you don’t speak mortgage, this means that by buying now, you’ll likely save thousands of dollars in interest, because rates can have a huge impact on your mortgage payment. Don’t wait for low rates to go the way of the dinosaur; when they’re gone, they probably won’t be coming back for a long, long time (if ever).
Protection against inflation
Landlords have a tendency to increase rent every year or two to accommodate for inflation. This won’t happen if you own your home. Having a fixed-rate mortgage means that you’ll make the same payment for the life of your loan, so you won’t ever pay more unless you want to. And that’s a pretty good feeling.
Christine Bilger on DECEMBER 31, 2012