Deciding when to purchase a property is never easy. You are probably debating if the market will go up or down and if you are making a good decision. Unfortunately, nobody can really tell the future, but you can make an informed decision based on different factors.
The following are a few reasons for buying NH properties in 2015.
Reasons For Buying NH Properties In 2015
Real Estate Values Are Trending Upward
If you missed it, the market bottom has already come and gone in most major markets. Home prices are actually bouncing back strongly in many markets. Why is this important for home buyers? There is the ability to earn equity quickly. Purchasing now allows you to benefit from home prices that are not at their max with the possibility for additional appreciation.
Recent Changes to Mortgage Insurance Rates
FHA buyers now have an additional benefit to buy. The monthly PMI premium for mortgages insured by FHA is being reduced by half of a percent. On a loan amount of $100,000, the PMI would normally be $135/mo. Under the reduced rate, it reduces to $85per month. On a larger $400,000 mortgage, it changes from $450/mo to $283.33/mo,..a $167 adjustment.
It Remains Beneficial to Buy Than Rent
With rental rates continuing to go up, most people find it more cost effective to buy. Property owners can typically use mortgage interest, property taxes, and other fees on their taxes. This may make a big savings depending on your income bracket and amount of deductions. Secondly, you have the ability to earn equity sometimes right away or over the years, so it is truly an investment instead of solely an expense. If you analyze the monthly expense plus the other factors, buying is often the better alternative.
Interest Rates Remain Low
Home loan rates are at an all time low. Most borrowers are obtaining rates under four percent. Interest rates always have a huge impact on home ownership costs, so it definitely should be a factor. By getting a low interest rate, home buyers spend less money on a house or can purchase a more expensive home. Interest rates constantly fluctuate, so you should move quickly to benefit from this.
Home Buying Guidance for NH
Every area is unique. Even neighboring communities could have very different real estate markets. It is essential that you work with a knowledgeable and local agent to provide you with necessary information. He/she may also identify additional reasons for buying NH properties in 2015. As a Marketing Manager at Accurate Title, I can provide you with information on your mortgage alternatives and a free home loan pre-approval. You may contact me at 800-639-4405 or email@example.com.