[vc_row][vc_column][vc_column_text]If youâ€™re considering buying a home, now may be the right time to do it. 2016 still offers a bright scenario for potential homebuyers. Let us give you 5 reasons why you should consider buying a home before the end of the year.[/vc_column_text][vc_column_text]
1. Low Rates
Interest rates on home loans are very low compared to previous years and you could save hundreds of thousands of dollars over the life of your mortgage by getting the right rate. For example, the interest rate for a thirty-year fixed-rate home loan is currently around 3.75%. Rates wonâ€™t be going down forever, and the Fed actually gave indications of raising rates so now is a great time to lock up your mortgage loan.
2. Home Prices are stabilizing
Prices are climbing upward at slower rates across the United States. The price of your home is likely to be lower now rather than in the previous months. Itâ€™s the right moment to get a better deal on your home before the prices start rising again, and when that happens, youâ€™ll have a better return on your investment.
3. Rent prices are going up
California continues to be one of the priciest states in the country for rent. According to the â€œJune 2016 California Apartment List Rent Reportâ€, the rent prices increased by 0.7% from April to May, now up to 3.8% (National rent growth is 2.7%). Rent prices wonâ€™t drop in the upcoming months. You can save a lot of money every month and also gain equity when buy a home.
4. Tax benefits
When your home loan is under one million dollars, the US Tax Code lets you deduct all the interest you pay on your mortgage, and also some of your property taxes and costs involved in buying a home. You canâ€™t save money when paying your rent.
5. Autonomy for you and your family
Itâ€™ll be your home! You wonâ€™t have to worry about landlord, decoration or rules. Youâ€™ll be free to make any type of upgrade to adapt it to your lifestyle. It will also help you to build a heritage for you and your family!