It is a bit challenging to consider purchasing a home due to the negative press about the real estate market. When you look at the facts, it is actually a great time to purchase a property. The following are reasons to purchase Arlington MA homes in 2012.
Reasons To Purchase Arlington MA Homes In 2012
Reduced Interest Rates
Mortgage rates are at an historic lows. Most buyers secured fixed rates under four percent during the first half of the year. Interest rates have a big effect on monthly loan payments. By acquiring a low rate, home owners spend less on a property or afford to buy a more expensive home. Rates may not remain low for the long term, so buyers may want to act quickly to to fix in a low rate for the full term of their home loan.
Real Estate Prices
The decreased real estate market means that home prices are lower than they were at the peak of the market. Similar to stocks, it is prudent to purchase at a low price than a high one. Real estate historically increases in price over time. By buying low, there is also more potential for increased equity.
The Potential to Upgrade to a Bigger Home
When home values fall, it is actually the best time to purchase a more expensive house. Buyers may lose money on the sale of an existing property, but the savings on the more expensive home can be more than that loss. Many buyers are finding that the reduced prices provide a rare opportunity to purchase a dream home.
Renting Comparison
Rental rates are high while housing prices have dropped, leading to less of a gap between renting and buying. Home ownership has the additional advantage of tax deductions for mortgage interest, municipal taxes, etc. When you include the ability to build equity over time, home buying offers both savings and long term growth potential.
Home Purchase Assistance for the Arlington MA Area
There are many reasons to purchase Arlington MA homes in 2012. If you want to benefit from decreased prices, low interest rates, and the other advantages of buying a property, start by contacting a loan officer and real estate buyer broker. Contact Scott Strang at Scott Gregory Group (781-646-7600, scott@scottgg.communityhomesforsale.com) for additional details on the real estate market and help with your real estate buying needs.
