Real estate values constantly fluctuate, so it may be tough determining the right time to purchase a home. Although it is impossible to predict future markets, you can refer to certain factors to make an educated decision. Below are some advantages of buying Bennington real estate this year.
Advantages Of Buying Bennington Real Estate This Year
Recent Changes to Mortgage Insurance Rates
FHA buyers are getting some extra incentive due to recent changes. The monthly mortgage insurance premium for mortgages insured by FHA is being dropped by half of a percent. On a $100,000 loan, the mortgage insurance changes from $112.50/mo to $41.67/mo. On a larger $400,000 loan, it leads to a $167 difference.
Home Values Are Trending Upward
If you missed it, the market bottom has already come and gone in most major markets. Home values are actually bouncing back quickly in most areas. Why is this important for buyers? This enables you to earn equity in a shorter period of time. Buying now allows you to take advantage of prices while they are still fairly low with the potential for even more growth.
Renting Is More Expensive Than Owning
Buying offers many advantages over renting. First is the tax advantage. This may result in a huge savings depending on your income level and other itemized deductions. Additionally, you can accumulate equity either quickly or over the years, so it is truly an investment in your future rather than just a living expense. If you compare the monthly cost and the other figures, buying is almost always the more appealing option.
Reduced Interest Rates
Loan rates are historically low. Many people are securing fixed rates below four percent. Home loan rates can have a big impact on home ownership costs, so it must be important. By getting a lower interest rate, home buyers spend less money on a house or can purchase a higher priced home. Interest rates may not stay low for very long, so you may want to act sooner rather than later to take advantage of this.
Help With Buying a Home for Bennington
Every area is unique. Even connecting cities may have very different home markets. It is important that you work with a knowledgeable and local broker to help you through the process. He/she might also provide additional advantages of buying Bennington real estate this year. Contact Maple Leaf Realty at 802-447-3210 for additional details on the local market and assistance with your home needs.