The economy continually fluctuates, so it can be difficult figuring out when is the perfect time to buy. Although it is impossible to forecast exactly what the future holds, you can use certain information to make an educated decision.
The following are a few reasons to buy a house in Grand Rapids Michigan this year.
Reasons To Buy A House In Grand Rapids Michigan This Year
It Remains More Advantageous to Own Than Rent
Buying offers many advantages over renting. First is the tax advantage. This may make a huge difference based on your income level and other itemized deductions. Secondly, you have the ability to build equity either right away or with some time, so it is really an investment in your future instead of merely a living expense. If you weigh the monthly expense and the other factors, home ownership is usually the better choice.
Mortgage Insurance Rates Have Lowered
There are some beneficial news for FHA buyers. The monthly mortgage insurance charged for FHA loans has been dropped by half a percent. On a $100,000 mortgage, the mortgage insurance in the past was $135/mo. Under the new rate, it lowers to $85per month. On a $400,000 home loan, it drops from $450 to $$83.33 each month,..a $167 difference.
Low Mortgage Rates
Mortgage rates are historically low. Many buyers are finding rates below 4 percent. Home loan rates will have a dramatic affect on home ownership costs, so it definitely should be considered. By securing a low interest rate, home owners spend less money on a home or can buy a more expensive house. Rates constantly fluctuate, so you should move quickly to take advantage of this.
Real Estate Prices Are Rising
If you were not sure, the market bottom has come and gone in most major markets. In fact, real estate values are bouncing back strongly in many markets. Why is this helpful information for home buyers? This enables you to earn equity in a shorter period of time. Purchasing now means taking advantage of market prices that are not at their max with the potential for additional appreciation.
Home Buying Help for Grand Rapids Michigan
Every region is different. Even connecting communities can have very distinct home prices. It is essential that you hire a knowledgeable and local real estate broker to help you through the process. He/she may also share other reasons to buy a house in Grand Rapids Michigan this year. Contact John Doorn at JH Realty Partners (616-292-7951, firstname.lastname@example.org) for real-time statistics on the real estate market and help with your real estate search.