TOP REASONS TO BUY IN 2016
Strong rental market. One of the best reasons why to buy a home this year is that it is actually more difficult to qualify for a mortgage and financing these days. And, that is making the rental market ever larger. With rents climbing and even higher demand for rentals.
Money paid for rent is money that you will never see again, but mortgage payments let you begin to build equity in as little as 3-5 years.
Home values are steady with opportunity to grow. This is a good market to invest in. Historically, real estate has had a long-term stable growth in value.
Financing plays a big part in the decision making process to buy these days. While mortgages are harder to come by, mortgage rates remain astoundingly low. Low rates = low payments
Probably the biggest obstacle that prevents renters from becoming homeowners is pulling together a down payment. But today, there are a variety of programs to help home buyers.
Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
You can deduct the mortgage interest from your income taxes. You can also deduct certain home-related expenses and property taxes. And you'll get a tax break on capital gains–if any–when you sell.
Waiting will cost you. Between the likelihood of home mortgage interest rates increasing (at some point, the Feds will cause rates to increase) and the known reality that home prices will increase, waiting only makes it more expensive to purchase the exact same house down the road.