Thinking of buying a home in 2019? Here are four more reasons why you should not wait any longer to purchase your new home this year.
Interest Rates on the Rise: Zillow predicts mortgage rates will continue to rise throughout 2019. As interest rates rise, your purchasing power can decrease. For example, on a $324,900 condo, your payment could go up almost $95/month with an increase of just .375%. Because of this, now is the perfect time to lock in a lower interest rate and avoid paying more in interest on a monthly basis.
D.C. Housing Market Keeps Rising: The D.C. housing market has not slowed down. An average one-bedroom rental is roughly $1,800/month. A recent client of mine actually saved $150 a month when they decided to purchase a similar property they were renting. That is $1,800/year they are saving on their housing payment. They are also gaining equity in the property and not their landlord.
Tax Incentives: April 15 is the day many Americans dread. As a homeowner though, you get to deduct your property tax and mortgage interest from your taxes. If you keep renting though, your landlord gets to take advantage of the tax benefits.
New Savings Account: When you purchase your new home, it’s basically setting up a new savings account for your future. Part of your mortgage goes toward the principal of the loan. The principal is going toward the equity of the home. When you go to sell it, you get that money from your equity. It’s a built-in savings mechanism for your future.
Worried you don’t know how much you can afford? Talk to a lender. I work with very qualified local lenders who are able to look at your finances and help decide the right purchase price for you. They can also see if you qualify for helpful programs such as D.C. Open Doors or the Mortgage Credit Certificate.
After talking with a lender, I am here to guide you every step of the way through the real estate process. Give me a call at 202-664-3736 to get started today.
Teddy Rojanadit is a Realtor with Bediz Group, LLC at Keller Williams Capital Properties, winner of the Washington Blade’s Best Real Estate Group in 2015 and 2017 and runner-up in 2018. Reach him at 202-664-3736 or firstname.lastname@example.org. Follow him on IG @teddydcrealtor.