Purchase Your Home in 2013
By Sharon Garcia
Updated: 2013 and most individuals who set New Year resolutions are revisiting them and taking an inventory. How are you doing so far? I hope your resolutions are on track!
I realize that most people do not necessarily “resolve” to purchase a new home, but here are some reasons why doing so might be a good idea as we approach the middle of 2013:
Lack of Buyers: Many buyers have pulled out of the market due to the current economic downturn. This has created a dip in most homes’ market value, leading to the potential to get a great deal. According to the Daily Finance and other sources, we have reached the lowest home mortgage rates EVER!
Property Taxes: If applicable, you may be eligible for a property tax deduction as a first time buyer. Additionally, you have a guarantee through Proposition 13 that the amount in property taxes you have to pay can only be up to 1% cap of the new assessed value of a new home. Also, the mortgage interest you paid for the year can be fully deducted on your tax return.
Ownership: Most importantly, you will own your own home! You have the choice to make any changes needed to meet your needs.
Mortgage rates: As of this update (April of 2013), mortgage rates are still at historic lows. Take advantage!
Although there are no guarantees, a gain in equity can be fulfilled once the market recovers. Buying when pricing is low is a positive step towards that goal. Also, ownership allows for improvements to be made and these can also help a property appreciate in value. However, purchasing should be a carefully thought out and long term commitment.
If you need a realtor that you can trust to guide you, give me a call: Sharon Garcia (562) 618-5208 or contact us now!