Shopping for a house can be a very challenging task, especially if you are unaware of the proper statistics and analytics to look for. Some real estate agents may end up taking advantage of the buyer and raising the price of the house if they notice the client is without a real estate agent present. When shopping for a house in South Florida it is important to have the accurate statistics on the South Florida real estate market and a real estate agent by your side. If you show up prepared when buying a house it will be a much easier process and there will be less of a chance for a bad deal to be made.
Why You Should Buy a Home
The American Dream for many is to live comfortably in a big house, but it is important not to rush this decision. If you buy prematurely settle on a house and buy it there is a chance you may not be able to afford the house in the long run. There are a few reasons for why it is a smart move to buy a house now, such as:
● Feeling Ready
● Building Equity
● Receiving a Tax Break
● Rates Are Starting to Rise
● Inventory Levels are Increasing
-Before buying a house it is important that you feel ready and able to make the purchase. It is suggested that you be ready both emotionally and financially before you end up buying the house. When referring to the emotional side of the decision-making process it is normal to feel nervous because you are making such a large investment with huge financial responsibility. However, these instincts are normal and it is a good thing that you are realizing the importance of making the right decision. Being financially ready is also imperative when deciding on buying a house. The cost of upkeep for a house is very high along with a huge initial investment. You should move forth with buying a house if you feel both emotionally and financially ready.
-Another great benefit of purchasing a new house is that you are building equity. When owning a house, you have to make several payments each month to pay for certain utilities or improvements. However, a portion of that payment will go towards the principal of the loan which saves you money in the long run. Most of the money that you are saving by building equity eventually goes back into your pocket. When you are ready to sell your house there should be a lot of equity already built which would help with paying for the next home.
-Over the first few years of owning a new house a majority of the payments you are making go to paying back the initial interest. New homeowners generally get the largest tax benefit because of the huge amount owed for the interest payment. A percentage of the interest payment can be deducted from your taxes, which results in greater benefits for the homeowners.
-Recently, the interest rates for houses have started to rise bit by bit and they still continue to grow. The interest rate for a house with a 30 year fixed mortgage is over 4% now and there is no plan for this number to lower. With economic growth in the United States finally picking back up, the interest rates for houses is going to continue to rise. There have also been preemptive tests that show this rate exceeding 5% in the near future. With all of this being said, now is the perfect time to buy a house because you would get a reasonable interest rate before it continues to go up.
-For the longest time, the United States housing market has been struggling with building new houses and expanding. However, the recent trend for the U.S. housing market seems to show the opposite. In the fall of 2018, the housing market is expected to expand significantly and the growth will happen in the middle to upper tier class. There will now be more houses on the market which will result in many not having to settle with an undersized house that is too much money. With this expanding United States house market, now is the best time to purchase a new house.
Benefits of Using a Real-Estate Agent
In today’s day and age, the market for buying a new house or apartment is much more simple due to the latest technology. There are many new websites and applications that claim to make the process of purchasing a house easier, but is this really the option? When looking to buy a house it is paramount to have real estate services or an agent by your side.
An experienced professional can not only save you time when looking for a house but can also save you a lot of money. A real estate agent is knowledgeable about the houses in the area and can ultimately break down the market for you when trying to buy a home. For example, if you are looking at purchasing a house in South Florida you may want to use south beach real estate. If you choose to use this real estate service, an agent will have a list of houses for you with the analytics to go along with the houses. On this analytics statement, it will show you the target price for each house and a maximum price to offer for each one.
Find Your Next House With Lauren Benson
It does not matter if you are buying or selling real estate, Lauren Benson Real Estate is your one-stop resource for your South Florida real estate research. Whether you are looking for information on homes or a personal consultation to go over the market, we always give our clients the insight and advice that are detrimental to making the right deal. We take the time to completely understand your unique requirements, no matter the home. Whether you are in need of real estate sales, residential, commercial or rentals, we will be there for you every step of the way. Lauren Benson Real Estate is dedicated to providing an incredible home buying and selling experience. See how Lauren Benson can help you find or sell your next home by giving her a call at (914) 980-9669.