Reasons To Purchase Boston MA Homes This Year

Figuring out when to purchase a property is usually a tough task. You are probably curious if the market will go up or down and whether you are making a good decision. Unfortunately, no one can tell what will happen, but you can look at what is going on in the market to help you make the decision.
Here are a few reasons to purchase Boston MA homes this year.

Reasons To Purchase Boston MA Homes This Year

Mortgage Insurance Rates

FHA buyers are receiving some extra encouragement from new fee schedules. The monthly mortgage insurance rate for mortgages insured by FHA is being reduced by half a percent. On a loan for $100,000, the mortgage insurance lowers from $112.50/mo to $41.67/mo. On a larger $400,000 loan, it results in a $167 difference.

Low Home Loan Rates

Loan rates are still very low. Qualified buyers are getting rates under 4 percent. Mortgage rates will have a significant impact on your mortgage payments, so it definitely should be important. By acquiring a low interest rate, you spend less on a home or can purchase a higher priced home. Interest rates continually change, so you should act sooner rather than later to lock in a low fixed rate for the length of your home loan.

Home Prices Are Trending Upward

If you were wondering, the market bottom has already come and gone in most markets. In fact, market values are bouncing back strongly in most areas. Why is this useful information for buyers? This enables you to gain equity quickly. Acting now allows you to benefit from home prices that are still fairly low with the possibility for additional appreciation.

Renting Is More Expensive Than Buying

Buying has many benefits over renting. First is the tax deduction. This can result in a huge difference depending on your tax bracket and amount of deductions. Additionally, you have the opportunity to accumulate equity either right away or with some time, so it is truly an investment in your future instead of solely an expense. If you weigh the monthly cost plus the other factors, home ownership is often the clear choice.

Home Purchase Help in Boston MA

All areas are different. Even adjoining towns could have completely distinct home values. It is important that you hire a knowledgeable and local professional to guide you through the process. He/she will also share other reasons to purchase Boston MA homes this year. Contact Scott Beard at Bean Group (617-651-0081, scott.beard@beangroup.com) for up-to-date statistics on the real estate home prices or help with your home search.

About Scott Beard

Finding the right Realtor can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience. That’s why choosing the right Agent to begin with is key. I have helped hundreds upon hundreds of clients during my career and sold over $55 million in properties and look forward to putting my experience to work for you.
Contact me at any time. I look forward to hearing from you.

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