Read Time: 10 minutes
Experts predict that 2020 is going to be a STELLAR year for the housing market. Buyers can afford more homes with lower interest rates and smaller down-payments. Keep reading to see the top 10 reasons why you should buy in 2020 before the market changes!
1. Lowest Interest Rates in our LIFETIME-
Buyers, believe it or not, you CAN afford to buy a home! Current interest rates are historically low which means you have more purchasing power than ever before.
2. Because you’re already paying a mortgage…it’s just not yours!-
If you’re currently paying rent, you’re throwing away money and paying your landlord’s mortgage. Point blank. If you buy a home, your monthly payment will likely be lower than your current rent, and the money will be going towards paying off your own home and acquiring equity.
3. Fannie Mae now allows for more debt-
Many home buyers cannot purchase a home because they carry too much debt and cannot get approved for a mortgage. Fortunately, as of late 2019, Fannie May relaxed its debt-to-income ratio requirements. This gives buyers access to more credit!
4. You can buy a house with only $8,100 down-payment.
According to an article by Kerri Anne Renzulli for Money.com, for a $270,000 home, the median sales price for single-family homes in 2019, you would only need $8,100 (3%) to afford the down-payment. If the average worker set aside just 10% of their salary, they could save that in a year and a half.
5. Freddie Mac & Fannie Mae now allow for more house-
Fannie Mae has invested $5 trillion in the mortgage market which created more liquidity for lenders, which in turn allows them to fund MORE mortgages.
6. Owning a house has more tax benefits-
Real estate taxes are deductible! You can deduct the interest you pay on your mortgage from your taxable income. The newer the mortgage, the higher the interest payment each month, which means greater tax breaks.
7. Real Estate is the best investment, just ask any millionaire-
With the market in the right place to buy now, you will set yourself up to profit later in life. People will always need a place to live, which is why the real estate market grows every year. Supply follows demand, and demand continues to rise.
8. You’ll gain equity you can use towards RETIREMENT-
yes, you read that right, RETIREMENT. Retiring IS possible with the help of accrued equity. Your home is an asset that provides financial advantages for years to come. Equity money can be converted into retirement income, or used as cash for retirement expenses.
9. PRIDE of home-ownership- The home is YOURS to do whatever you want with it! No landlord means you have the freedom to create the space of your dreams. You could paint your home hot pink and adopt 10 dogs if you wanted to. Start off the decade with a weight lifted off your shoulders by buying a house this year and never having to worry about your monthly payment going up. Rent can be raised by a landlord, but your mortgage will remain the same!
10. Bob Lucido Team can help you find and buy your dream home + negotiate the best deal!
DON’T WAIT! Call 410.465.6900 or email Bob@BobLucidoTeam.com to buy a home today.
Your dream home is calling!