Hope this blog finds you doing well. In some of my recent client conversations, potential home buyers question whether or not now is the right time to buy because of stringent credit requirements, lingering COVID impacts, or concerns over job security. June is National Homeownership Month and while there are more things to consider now than in years past, buying a home is still one of the best decisions you can make for long-term financial health! Here are a few things to keep in mind:
Mortgage rates are at historic lows and are likely to be around for a while. There’s never been a better time to take advantage, but don’t be lured into thinking they’ll be around forever — rates reached their highest in 1981 at 16.63%!
While inventory may be low and you may face competition, it’ll prove worth it in the end if you can lock-in rock-bottom interest rates. If you’re still on the fence, remember that right now owning a home is more affordable than renting in most U.S. markets.
Besides the current rates, homeownership offers some pretty great perks during tax season, including the mortgage interest deduction, property taxes deduction, PMI deduction, and deductions related to energy efficiency improvements. Plus, if you're self-employed and work at home, you might be able to deduct expenses for the business use of your home. Unfortunately, as you may have discovered, employees who work remotely can't deduct the costs of maintaining a home office.
Don't go at it alone, do your research and speak with a knowledgeable professional. Happy Homebuying!!