Are you thinking about buying a Lake Nacimiento home now or soon? As your Central California real estate agent, I am here to tell you that now is a great time to do so! There are many perks to homeownership, a few of which I’d like to share with you today.
Net Worth
Every three years, the Federal Reserve conducts a survey, in which they collect data across all economic and social groups. The latest survey includes date from 2010 through 2013, and this survey reports that a homeowner’s net worth is 36 times greater than that of a renter.
However, in a recent Forbes article, the National Association of Realtors’ Chief Economist predicts that in 2016, the net worth gap will widen even further to 45 times greater!
Either way, it’s smart to look at homeownership as a way to force yourself to save. Every time you pay your mortgage, you are increasing your net worth. Someday, you will sell your home and see most, all or more than the money you put into mortgage payments. When you rent, you will never see it again. Or, said another way, you are contributing to your landlord’s net worth instead of your own.
This explains why in the latest National Housing Pulse Survey, 85 percent of consumers said they believe purchasing a home is a good financial decision.
Mortgage Rates
Mortgage interest rates have fallen for six consecutive weeks! No one could have predicted this, but Lake Nacimiento homebuyers are jumping for joy. Rates are currently hovering near their 2015 lows at 3.59 percent.
As Realtor Magazine explained, “If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.” However, it’s important to note that industry experts still predict that rates will increase before the year is over, and could reach 5 percent by next year.
The higher the rate, the higher your mortgage payment will cost you each month. Also, home prices continue to increase as well. So, the sooner you buy, the more you could save!
Tax Deductions
Taxes are on everyone’s mind this time of year, so it’s important to mention that homeowners get to enjoy numerous tax deductions. These can include mortgage interest deductions, prepaid interest deduction, property tax deduction, PMI and FHA mortgage insurance premiums, vacation home tax deductions, homebuyer tax credit, energy-efficient upgrades and more! To learn more about each of these tax deductions, check out this HouseLogic article.
These are just some of the many perks to homeownership, and why you should buy a Lake Nacimiento home now! If you have questions, or you’re ready to begin the home-buying process in the Central California real estate market, contact me, your Central California real estate agent!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
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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.