Home prices constantly fluctuate, so it can be difficult determining the right time to buy. Although no one can tell precisely what the future holds, you may rely on some factors to make an educated decision. Below are some advantages of buying Virginia homes in 2015.
Advantages Of Buying Virginia Homes In 2015
Favorable MORTGAGE Rates
HOME LOAN INTEREST RATES are still at an all time low. Most buyers are finding fixed rates below 4 percent. Loan rates can have a big affect on home ownership expenses, so it definitely should be considered. By getting a lower interest rate, home buyers spend less on a house or are able to approved for a better house. Rates will not remain low for very long, so you may want to act sooner rather than later to take advantage of this.
Home Prices Are Appreciating
In case you did not hear, the market bottom has come and gone in most areas. In fact, real estate values are bouncing back nicely in most communities. Why is this important for home buyers? There is the potential to build equity in a shorter period of time. Purchasing now means taking advantage of market prices that are still fairly low with the potential for continued appreciation.
Mortgage INSURANCE RATES
FHA borrowers are getting some additional encouragement from recent changes. The monthly PMI premium for mortgages insured by FHA is being changed by half of a percent. On a loan amount of $100,000, the PMI was approximately $135/mo. Under the reduced rate, it reduces to $85/mo. On a larger $400,000 mortgage, it drops from $450 to $$83.33 per month,..a $167 difference.
It Remains Cheaper to Purchase Than Rent
With rents continuing to increase, most people find it more beneficial to buy. Home owners can typically use mortgage interest, property taxes, and other expenses on their taxes. This may result in a big savings based on your TAX BRACKET and amount of deductions. Additionally, you have the opportunity to accumulate equity sometimes immediately or over time, so it is truly an investment in your future and not merely a living expense. When you compare the monthly figures plus the other factors, buying is often the clear alternative.
Home Purchase Assistance in the Virginia Area
All regions are different. Even connecting communities may have very different home prices. It is critical that you hire an experienced and local real estate broker to help you through the process. He/she will also provide other advantages of buying Virginia homes in 2015. Contact Amir Sadeghi at Samson Properties (571-331-3070, email@example.com) for specific details on the local home prices and assistance with your PROPERTY SEARCH.