Three Benefits to Buying Your Dream Home This Spring
Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying a home this spring instead of waiting. 1. Buying a Home Is a Great Investment Several reports from the Federal Reserve Bank , Gallup , and Porch.com all indicate Americans believe 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 Equity Report from ATTOM Data Solutions says: “14.5 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity-rich properties in the fourth quarter of 2019 represented 26.7 percent, or about one in four, of the 54.5 million mortgaged homes in the U.S. If you want to build your equity, this year is a great time to start putting your housing costs to work for you through homeownership. 2. Mortgage Interest Rates Are Low The Primary Mortgage Market Survey from Freddie Mac indicates interest rates for a 30-year mortgage have fallen since November 2018 when they reached 4.94%. In February of 2020, they hit the lowest level in three years (3.45%). The latest Freddie Mac forecast notes how mortgage rates are expected to remain low, leveling out to an average of 3.8% this year. When you purchase a home at a low mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to potentially buy more house for your money.
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