In working with Lake Nacimiento buyers as a Lake Nacimiento Real Estate agent, I’m often asked if now is a good time to buy a home. Most buyers are aware that the current national housing market is leaning in their favor, but this large financial decision is still one to take seriously.
Being in a buyers market means that there are currently more homes on the market than there are buyers, and homes are selling for less than they’re worth. But is that enough reason to jump in and buy? Below are just a few of the additional reasons, as pointed out by Quicken Loans, that you’ll want to seriously consider buying a Lake Nacimiento home this spring!
Appreciation– Buying an Oak Shores or Heritage Ranch home now (at the current rates) can almost ensure your home’s appreciation in the future. Mortgage rates are near historic lows and home prices are the lowest the nation has seen in 10 years! If you hold on to the home until after the market improves, this can result in a significant return on investment!
Property Tax Deductions– For income tax purposes, real estate property taxes for a vacation home and first home are fully deductible. The IRS (Publication 530) provides detailed tax information on and answers questions on what deductions for which home owners are eligible.
Preferential Tax Treatment– If you own your home for over a year and receive more profit than the allowable exclusion after the sale of your home, the profit will be considered a capital asset, which are given preferential tax treatment.
Equity Building– There are many factors that play into the final decision of which mortgage loan works best for you such as credit qualification, loan flexibility and annual percentage rate (APR). However, there’s a new trend towards equity building among today’s buyers which means paying more on a loan each month in order to decrease the principle balance more quickly. This trend, called equity building, allows borrowers to:
– Pay off the principle balance faster
– Lock in record low interest rates
– Shorten the length of their home loan
– Own their home faster
– Pay substantially less mortgage interest
Pride– This aspect is still key when it comes to the benefits of owning your own home. Going through the home buying process, building value into your home and having a place to call your own is still a thriving portion of the American dream.
As you can see, there are substantial reasons why buying a Lake Nacimiento home this spring is a great idea! There are a wide variety of beautiful homes currently available in Oak Shores or Heritage ranch, so you’ll be able to find a home this fits your needs and lifestyle.
I’m always here to answer any questions you have about buying a Lake Nacimiento home and look forward to talking with you! Contact me today to get started with your Lake Nacimiento home search!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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