Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting.
1. Buying a Home is a Great Investment
Several reports indicate that real estate is a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps build equity, a form of investing for you and your family.
The average homeowner of a detached single-family home in Brantford gained approximately $36,015 in equity over the past year with the average sale price of $402,678 in January, 2019 compared to the average sale price of $438,693 in December, 2019. If you want to start building equity and get your own piece of the pie, then put your housing costs to work for you through homeownership this year.
2. Mortgage Interest Rates Are Low
The best 5-year fixed rate in January, 2019 was sitting at 3.69% but as of January, 2020, that rate has dropped to 2.89% This translates into significant savings for a buyer over the term of a mortgage.
When you purchase a home at a lower mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to buy more house for your money.
3. Investing in Your Family is a Win
There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you’re paying a mortgage – either yours or that of your landlord.
Today, rental prices continue to increase, and when you’re paying your landlord’s mortgage instead of your own, you’re not the one earning the equity. As an owner, your mortgage payment is a form of ‘forced savings’ you can use later in life to reinvest in your family. You can use it for a variety of opportunities, such as saving for your children’s education, moving up to a bigger home, or starting your own business. As a renter, it can be more challenging to achieve those types of dreams without home equity working for you.
Buying a home sooner rather than later could lead to substantial savings and long-term financial growth for you and your family. Call The Terry Summerhays Team today at 519-802-8770 and let’s get together to determine if homeownership is the right choice for you this year.