A variety of financial vectors have dovetailed to make this the perfect storm for home buyers to get out there and make a winning offer.
1. Rates on Home Loans are at Historic Lows. 30-year fixed rate home loans are hovering around 4%. But Hurry there’s no telling when they’ll begin to rise.
2. Rents are Skyrocketing. In fact rents outpaced home values in 20 of the 35 biggest housing markets in 2015, with a predicted 8% hike in 2016. Your monthly expenditure for housing may be less if you buy than if you continue to rent.
3. Home Prices are Stabilizing. That means a level playing field, helping buyers drive a harder bargain with seller, even in heated markets.
4. Down Payments Don’t Need to Break the Bank. Probably the biggest obstacle that prevents renters from becoming homeowners ip pulling together a down payment. Today, however, that chunk of change can be smaller, thanks to a variety of programs designed to help home buyers. A great example is the new Fannie Mae and Freddie Mac Home Possible Advantage Program that allows for a 3% down payment for credit scores as low as 620.
5. Mortgage Insurance is a Deal too. If you put down less than 20% on a home, you are required to have mortgage insurance (in case you default). But a workaround is to take out a loan from the Federal Housing Administration, a government insurer that backs loans with down payments as low as 3.5% and credit scores as low as 580. The fees are way down from 1.35% to 0.85% of the mortgage.
6. You’ll Reap Major Tax Breaks. Tax laws continue to favor homeowners, so you’re not jut buying a place to live, You’r getting a Tax Break! The biggest one that unless your home loan is more than $1million, you can deduct all the monthly interest you are paying on that loan. Homeowners may also deduct certain home-related expenses and home property taxes.
Sellers: The Leonard Real Estate Group can assist sellers receive top dollar for the sale of their properties, whether it is a single family home or condominium. With over 30 years of experience in residential sales, Charlie and Sean can and will sell your property. All prospects are prequalified so you know that if they are interested in your property they can qualify to purchase!! You dont have time to waste! neither do we! Your property will be featured with pictures on multiple internet platforms for maximum exposure.
Buyers: The Leonard Real Estate Group has access to thousands of
properties for sale in all ranges in Miami-Dade. If you want the luxurious lifestyle
of Miami Beach, Coral Gables, South Miami, Key Biscayne or maybe just a small
starter property our firm can assist you find the right one.
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