If you’ve ever wondered when the best time to buy your dream home was, right now is the time to do so. Most regions are still dealing with the aftermath of the COVID-19 pandemic, and the focus is on how this shapes the economy. However, for a home buyer, the current situation makes it easier to purchase a new home.
The current market has the best offers in years, especially if you want to upgrade to a new house. It also suits those seeking low mortgage rates or diversifying their investment portfolios. Here are four reasons why now is the best time to make your move on a home purchase.
1. Easy to Sell Your Current House
People are looking for homes, so it should be easier to sell your current house if you are looking to upgrade to a bigger one. There are various platforms available for selling your home. All you need to do is finish repairs, paint, and make other minor improvements to enhance curb appeal.
You can also use your current house to negotiate the price of the new property. Make sure to get an accurate valuation for your current house so that you can sell it quickly.
2. House Prices Generally Rise
In the United States, housing prices typically increase by 2 to 6% every year, and pundits expect this trend to persist for the long haul. With housing prices spiking every other month, now seems like the best time to make your move and take advantage of lower prices.
The economic crisis has an indefinite future, significantly hurting prospect employment opportunities. Since property prices should keep rising, it makes more sense to invest now if you want to avoid a higher principal in the future.
3. Mortgage Rates Are Near All-time Lows
Mortgage rates have dropped significantly over the months following the COVID-19 outbreak. Within four months, rates have fallen by 0.6% for 30-year mortgages, which can translate to more than $100 on monthly installments.
Current rates are at a near all-time low and it is possible rates could fall even lower if the pandemic persists. However, with prices set to rise, now seems like the ideal buy home moment.
4. Pay Less in Taxes and Save Money
Homeowners have some tax benefits as they may be able to deduct mortgage interest from the taxable income if it makes sense to itemize under Schedule A. Owning a home also allows you to enjoy real estate deductibles and tax breaks that aren’t available for renters.
Buy Your Dream Home Today
You can purchase a home or build one from scratch, depending on your needs. Grand Homes are the best quality home builders in the DFW area if you seek reliable companies to help you build your dream home.
Make sure you review all other critical areas before deciding on a home purchase. Contact Grand Homes today for more information concerning buying a house and how you can build your dream home in the DFW area.