Rates are up! Why should I buy?

                Although rates have increase over the past few months since the sub % rates of early 2022 there are still many benefits to being a homeowner. Here are 5 benefits to homeownership that we believe outweigh “waiting for the rates to drop”:

1.       Long term benefits to you: Despite rising interest rates, buying a home is still a smart investment for the long term. Renting means you are helping someone else pay their mortgage or make money. Your monthly payments will not accumulate equity for yourself. When you own a home, you are building wealth over time and your mortgage payments may even be lower than your rent.

2.       Low -Cost Financing: Although interest rated have gone up, they are still relatively low compared to historical rates. This makes it a prime opportunity to take advantage of low- cost financing and lock in a monthly mortgage payment for the life of your loan with the option to refinance if rates drop. When you own a home, you have more control of your housing costs, you get to take advantage of the stability of a fixed-rate mortgage payment for the entirety of a 30 year loan.

3.       Your Tax Advantages: You are able to deduct your mortgage interest and property taxes from your income each year. It is a huge perk of homeownership and can save you a significant amount of money each month/year. This savings can be hundreds of dollars a month.

4.       Your own Equitable Future: Every time you make a mortgage payment, you are building equity in your home. That equity can be used to gain long term wealth. As your home increases in value over time, so does your equity, providing you with a valuable asset that you can use however you choose. You also have the opportunity to borrow money from your equity in times of need.

5.       Building Roots & A Sense of Belonging: When you own a home you don’t just live there, you are building a sense of community and belonging. You get to personalize your space and make it truly your own. You have the freedom to make changes and improvements as you see fit. Owning a home allows you to create roots in a neighborhood and establish a sense of community for yourself and your family.