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Home / Real Estate Information / Home Buyer Tips / Why Buying A Home In 2014 Is A Wise Decision

06.12.14 Home Buyer Tips, Local Information

Why Buying A Home In 2014 Is A Wise Decision

Like many people, you may have been monitoring homes for sale online for many months,…thinking about when to purchase. Purchasing a home is a major decision with several factors to weigh. The following is information on why buying a home in 2014 is a wise decision.

Owning a Home Is A Better Investment Than Renting

If you itemize your deductions on your federal taxes, you may include home loan interest, property taxes, and in certain cases, mortgage insurance premiums. Typically, tax benefits make home ownership less expensive. When comparing home costs, do not forget to include this figure in your calculations.

Increased Cost to Rent

There are two factors that have resulted in rising rental costs. First, a lot of people who lost their properties during the real estate slump were forced to rent. Secondly, the number of properties for sale has been below demand so home buyers must rent until they can purchase. Both of these have elevated demand, leading to rising rental costs. The gap between renting versus buying is not that drastic right now.

A Strong Real Estate Market

If you have been hoping for prices to bottom out before taking action, you have already missed it! In many markets, home prices are inclining. You may want to purchase a property this year before it rises any more. As a bonus, if values continue to improve, the value of your investment will appreciate in a short period of time.

Mortgage Rates May Change

Although interest rates have increased during the last 12 months, they are still historically low. They are expected to rise more in the months to come, so it might be best to lock in a rate before that happens. Even a half point shift will have a big impact on the price for which you qualify.

Changes in the Mortgage Rules

Changes in the mortgage market continue. Qualification rules are stricter, making it harder to qualify. Maximum loan amounts are also decreasing. Further changes are anticipated for the coming months, so it is best to start the purchase process now.

Reviewing Why Buying A Home In 2014 Is A Wise Decision

At certain times, it is best to rent than purchase, but it currently does not appear to be one of them. The cost of renting, real estate values, interest rates, and mortgage industry changes make it clear that if you wish to buy a property, it is a great time to do so! When evaluating why buying a home in 2014 is a wise decision, do not forget that there are many personal aspects of your situation to weigh. This blog does not discuss them. For expert guidance, contact Christopher Graves at Sierra Pacific Mortgage Company at christopher.d.graves@gmail.com

 

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Tags: 2014, MA

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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  • Local Information (61)
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  • Mortgage Information (117)
  • News (22)
  • Real Estate Information (175)
    • Featured Properties (2)
    • Home Buyer Tips (133)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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