Buying a home is an important decision and a major investment. That said, there are many advantages to being a homeowner, such as tax deductions, calling a place your own, investing in your future, and freedom to own a pet. Here are five good reasons to buy this year:
More Available Homes
Currently, experts predict more opportunities in 2019 for home buyers. This is great news considering that over the past few years, home buyers have been challenged by tight home inventory in many cities across our nation, including most of the communities in Northern Nevada. Even when a home was available, it was not unusual to enter into a bidding war or have the property snapped up by another buyer. This year, it is expected that buyers will have more homes to choose from in a majority of areas across the nation.
Rents Continues to Rise
While buying a home is generally going to cost you more in the short term than renting, you have to step back and look at the big picture. Buying property enables you to be able to build equity and secure a solid investment. If there is any way you can afford to buy now, you most likely will be grateful you took the big step in the years to come.
Mortgage Rates are Still Affordable
Even if mortgage rates increase gradually, they typically continue to be at a healthy low. In fact, as of the first part of May, mortgage interest rates for a 30-year fixed mortgage were hovering just over 4%, and according to analysts from both Freddie Mac and the Mortgage Bankers Association, the average rate for 2019 is expected to average 5.1%.
Nevada is One of the Fastest Growing States
Our great state continues to be one of the fastest growing states in the nation, and Northern Nevada has been repeatedly named one of best places to start a business. Buying a home in a thriving area increases your chances of building equity and obtaining a higher rate of return on your investment.
Either Way, You are Paying a Mortgage
If you are currently paying rent you are already paying a mortgage, it just happens to be your landlord’s mortgage. As a homeowner, your mortgage payment is a form of “forced savings” that allows you the opportunity to build equity and tap into it later in life. So why not consider buying your own home, and paying your own mortgage.
For homeowner information or to find a licensed real estate professional, please contact the Sierra Nevada Realtors at 775-885-7200 or SierraNevadaRealtors.org.
Leslie Cain is president of Sierra Nevada Realtors and an agent with RE/MAX Realty Affiliates in Carson City. Leslie has been active in the real estate industry for nearly 14 years and is very passionate about the Northern Nevada community. She holds several certifications including Certified Residential Specialist (CRS), Accredited Buyer’s Representative (ABR), and Senior’s Real Estate Specialist (SRES). Leslie can be reached at Leslie@LeslieCain.com or 775.781.1386.