Owning a home is an important achievement in the life of any adult, it is considered the cornerstone of the typical American dream. But after the 2008 recession there was a decline in the number of people who were willing to buy or even sell a home. This has changed in current times as millennials are beginning to see the importance of home ownership as opposed to renting, because the cost of owning a home and renting one can almost be equated to each other these days. So, if you want to buy a house or sell one here are a few reasons why to include your property in the long list of Rio Rancho homes for sale is now. We are a well revered Juan Romero real estate agency and very few people know better than we do.:
- The prices of homes are likely to increase in the coming years
The biggest housing bust in modern history has now lasted for more than four years and this has brought about a huge reduction in the prices of homes ranging from about a 30% to a 50% drop in some areas. But prices have also reason by an additional 3% every year for the past 20 years and this is more than likely going to persist for the next few years. So, if you buy a home now you’ve invested in the long term and your interests can begin to yield.
- Pay less tax and save money
The interest you pay on your mortgage can be deducted from your taxable income, as a new home owner your likely going to get the best tax benefits, the newer the mortgage, the higher the interest payment each month. Which means a greater tax break, taxes from real estate are deductible and provide great benefits to the homeowner. In recent times homeowners have realized that owning a home costs substantially less than renting a home.
If you have a home in a well-established area with a history of stability and high demand, it you can Sell your home and avoid paying capital gains tax. After selling, you can upgrade into a larger home. Real estate is local, and while national factors affect the prices, the right location can make a major difference in your cash out on a sale. Check the number of sales in your neighbourhood in comparison to others in the market area to see if the demand is higher, if so now’s the time to sell (you can contact Juan Romero real estate agent or the Romero team for an easy and hassle-free sale process).
Most people believe that mortgage rates are going up soon but whether that is true or not, most buyers are worried that they will lose their buying power if they wait longer. It is a good thing for sellers when buyers can afford more homes due to low mortgage rates.Although there might be a downside side to this because, if you sell now with the plan to buy another home immediately you’ll be getting the same low interest rate advantage. The money you take away from your sale, though possibly lower than if you wait a while, will go a longer way in financing another home. As a Rio Rancho Realtor, we have all the knowledge and first-hand experience to help you navigate these state of affairs.
A part of your payment each month will go to the principal of the loan and this should not be viewed as a cost but a savings plan. You’re just paying yourself by building equity. This will be extremely useful to you when you decide to retire. When retirement does come, Rio Rancho and the Romeo Team Rio Rancho will be waiting to find you a home that matches your budget.