It may be tough to think about purchasing a home due to the negative news about the real estate market. When you consider the facts, it is actually a very good time to purchase a home. Here are reasons for purchasing Perth Amboy NJ properties in 2012.
Reasons For Purchasing Perth Amboy NJ Properties In 2012
Low Interest Rates
Mortgage rates are extremely low. Many buyers obtained fixed rates under four percent during the first half of the year. Mortgage rates have a big impact on monthly mortgage payments. By receiving a low rate, home buyers spend less money on a home or are able afford a more expensive home. Rates may not stay low for very long, so buyers should act quickly to to fix in a favorable rate for the full term of their home loan.
Real Estate Price Patterns
The decreased real estate market means that real estate is priced much less than they were at the peak of the market. Similar to stocks, it is more beneficial to purchase at a low price than a high one. Real estate in the usually appreciates over time. By buying low, there is also more potential for price increases.
The Ability to Upgrade to a More Expensive Home
When home prices fall, it is really the best time to purchase a more expensive property. Buyers can lose money in selling an existing home, but the savings on the new home can be more than that loss. Many buyers are realizing that the declined prices provide a rare chance afford a home of their dreams.
Renting Comparison
The cost of rent remain high even though housing prices have dropped, resulting in less of a difference between renting and buying. Home ownership has the added advantage of tax deductions for mortgage interest, property taxes, and other expenses. When you also consider the benefit of building equity over time, home buying provides both savings and long term growth potential.
Home Purchase Help in the Perth Amboy NJ Area
There are many reasons for purchasing Perth Amboy NJ properties in 2012. If you want to take advantage of home prices, low interest rates, and the other benefits of purchasing a property, start by contacting a loan officer and real estate buyer broker. Contact Enrique Hernandez at Petra Best Realty ((732) 442-1400, ehernandez@petrabestrealty.com) for additional details on the real estate market and help with your property search needs.
Source: http://www.petrabestrealty.com/reasons-for-purchasing-perth-amboy-nj-properties-in-2012.html
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