Benefits Of Purchasing Maine Real Estate This Year

The economy continually changes, so it can be tough deciding when is the perfect time to purchase a property. Although it is impossible to predict exactly what the future holds, you may rely on certain factors to help with the decision.
Below are a few benefits of purchasing Maine real estate this year.

Benefits Of Purchasing Maine Real Estate This Year

It Is Still More Cost Effective to Purchase Than Rent

With rents rising, most find it more beneficial to purchase. First and foremost are the tax savings. This may make a huge savings depending on your income range and amount of itemized deductions. Additionally, you can earn equity sometimes quickly or with some time, so it is an investment in your future instead of solely a living expense. If you weigh the monthly cost and the other factors, buying is almost always the clear choice.

Home Values Are Going Up

In case you did not hear, the market bottom has come and gone in most regions. Home values are actually bouncing back nicely in many markets. What does this mean for buyers? This enables you to gain equity quickly. Acting now means taking advantage of home prices that are not at their max with the potential for additional growth.

Mortgage Insurance Rates

FHA borrowers have an added benefit to act. The monthly PMI rate for FHA mortgages is being reduced by 0.5%. On a loan amount of $100,000, the mortgage insurance drops from $112.50 to $41.67 per month. On a larger $400,000 home loan, it amounts to a $167 difference.

Reduced Home Loan Rates

Interest rates are still historically low. Qualified buyers are obtaining fixed rates below 4 percent. Loan rates have a huge impact on home ownership costs, so it definitely should be important. By receiving a low rate, home buyers spend less on a home or can buy a more expensive home. Rates constantly fluctuate, so you should move sooner rather than later to lock in a low rate for the full term of your mortgage.

Home Buying Guidance in the Maine Area

All neighborhoods are different. Even neighboring cities may have completely different real estate markets. Therefore, it is essential that you work with a knowledgeable and local professional to educate you on the market. He/she will also identify additional benefits of purchasing Maine real estate this year. Contact Mini Major at Bean Group (617-877-4083, mini.major@beangroup.com) for additional information on the local market and help with your property search.

About Mini Major

Mini views the purchase or sale of a home as a major life transition that usually evokes a wide array of challenges and emotions She brings her strong analytical, communication, and mediation skills to that process. For buyers, she helps to assess realistic goals and maps out a facilitation strategy that is uniquely designed to meet their individual styles with limited stress. For sellers, she provides honest, factual information necessary to set the right price and, together with the extraordinary resources of the Bean Group, provides state-of-the art marketing materials to present that property with appeal to the most appropriate potential buyers.

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