If you have recently been entertaining the idea of purchasing a home, act on it! Certain market conditions and the stabilizing economy make this an ideal time to buy that piece of Boston real estate you’ve been dreaming of. Here are five reasons why you shouldn’t hesitate to buy a home now.
Low Mortgage Rates: Within the past week, mortgage rates have reached a record low, dropping to below 4% for the first time since 1991. This drop in the 15-year home loan means that homebuyers can potentially pay off their homes in half the time while saving thousands of dollars. Additionally, when home buyers borrow at these low rates, they start building equity with their newly purchased homes.
Attractive Home Prices: Because of the economy, home prices have gone way down. As a result, there are many homes on the market that are considered luxury real estate without the hefty price tag. Many homes with luxurious amenities are currently affordable to the masses. Prices have also gone down due to the fact that many sellers wish to sell their houses quickly- a move that puts the ball in the buyer’s court.
Move-in Ready Houses: According to the Harvard Joint Center on Housing, many houses on the market are already in move-in condition because homeowners have continuously been spending on home repairs and maintenance. A move-in ready home means less of a headache for the buyers.
Appraisal Guidelines Have Been Adjusted: Mortgage company Fannie Mae has once again adjusted its appraisal guidelines, which give appraisers more leeway in the appraisal process. The result of this is a faster closing process, which is enticing to almost anyone looking to purchase a home.
Home Buying Assistance Programs: In addition to low mortgage rates and low housing costs, home buying is even more affordable thanks to various loans, grants, and community housing programs. Such housing assistance programs provide middle-class families with that extra amount of money they need to be able to purchase a home.
I’ve you’ve been considering buying a home, don’t wait! Contact one of our agents or view our online listings of Boston condos and Boston homes for sale.
