3 Reasons to Buy a Home in Boston Right Now!

I might be a little bit biased, but as a Boston real estate agent I think that deciding to buy a home is one of the best choices you’ll ever make. If you’ve been browsing the Internet trying to weigh the pros and cons of buying a home, the facts are everywhere. Building equity, boosting your credit, and taking advantage of tax savings only scratch the surface of the benefits of homeownership. Nothing quite compares to the sense of pride of investing in a home and owning a piece of the American dream.

Prospective homebuyers who have been on the fence for the past year or so have seen home prices dip and interest rates fall to record lows. With home prices predicted rise and interest rates inching up since the beginning of 2013, buyers are advised to get the most for their money before the market swings any further in the favor of sellers. In other words, now is a better time than ever to start looking for a home in the Boston real estate market, lock in a low interest rate, and bid farewell to writing monthly rent checks. Not convinced? I’ve broken down a few key reasons right now is the right time to buy.

Tax Savings
As you’re filing your taxes this season, you may be brooding over all of the deductions you could have taken advantage of had you owned a home last year. Owning a home can pay off around tax time if you’re eligible for certain deductions and credits. These include, but aren’t limited to, the mortgage interest deduction, prepaid interest deduction, and the energy tax credit. For more information on what you can and cannot deduct, the IRS is the most reliable source of tax information for homeowners.

Build Equity

One of the most common gripes renters have is that they are “throwing away” their money on the first of each month. Rather than shipping your paycheck off to your landlord, why not start investing in your future? Homeowners still pay a monthly mortgage, of course, but the money paid towards the principle is still yours in the form of equity.

Rising Rates & Stable Prices

Renters in Boston are growing frustrated with rates continuing to go through the roof year after year. If buyers can secure financing and find a home, it could be cheaper to buy and pay a mortgage than continue to rent. With the current supply in the Boston real estate market at 4.7 months, we are undoubtedly in a seller’s market. While home prices only increased slightly last year, home prices are projected to spike in 2013 as inventory shrinks and buyers get more and more competitive.

There are so many benefits to settling down and embracing homeownership. Saving at tax time, building equity, and taking advantage of low mortgage rates and stable home prices are just a few of the key reasons why right now is the right time to buy. When you’re ready, please contact me and I’d be thrilled to guide you through the Boston real estate market and help you find your new home.

Ken Snyder
Keller Williams Realty Boston-Metro
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