Why Now is Time to Buy a Home in Greater Sacramento, CA

You may be going back and forth questioning whether you should buy a home or not. Can I afford this home? Does this home meet my family needs? Is this a good investment? These may be some of the questions you may be asking yourself. Stop riding the fence and commit to purchasing your home today! NOW is the time to buy. Jump on the opportunity today to get the best deal.

Here are my top 6 reasons:

  • #1: Interest rates are still at record lows – Even though they may creep up at any moment, it’s nonetheless a fact that interest rates on home loans are at historic lows. Doug Duncan, Fannie Mae’s chief economist, notes that the current market is highly favorable for home buyers, “Interest rates are at historic lows. It’s hard to imagine rates going any lower than they are now. House prices have come down considerably, and if your credit is good, there’s lots of money available.”
  • #2: Rents have skyrocketed. Over the past year, rents in Sacramento have increased a huge 5%, where if you owned, Zillow says you would have received an 11% increase in value Sacramento. Instead of handing money to your landlord, why not use that money in investing in your own home!
  • #3: Home prices are stabilizing – The Sacramento market is considered HOT because of low inventory. You can buy your home today at $300,000 or buy the same home next year at, maybe, $310,000. I don’t know about you, but I would want to buy now.
  • #4: Low to No Down payment programs – Today, you don’t have to save for years for that chunk of change, thanks to a variety of programs to help home buyers. You may be able to put a lot less down than you think. There are different options you can consider.
  • #5: Mortgage insurance is a deal, too – If you put less than 20% down, you are required to have mortgage insurance. However, with an FHA loan the fees are way down from 1.35% to 0.85% of the mortgage balance. PMI is down too!
  • #6: Major tax breaks – Tax laws favor homeowners, so you’re not just buying a place to live—you’re getting a tax break! You may be able to deduct the interest you pay on your mortgage from your taxable income. New homeowners with recent home loans tend to get the greatest tax benefit. Homeowners often find that owning a home costs substantially less than renting a home.

There are many other good reasons of course are building equity, predictability in monthly payments, freedom to do what you want, stability for your family and on and on…

If you have any questions about mortgage, loans, interest rates, and so on, please do not hesitate to ask! Here at Iron Point Mortgage, we are dedicated is helping you get the right residential financing for home purchase. Our passion is providing education and guidance so you’ll understand the process, how to plan for the future, take advantage of available opportunities, and build long-term wealth through Real Estate. Thanks for reading and we would love to answer any questions you may have and help you get started on making the first steps in purchasing your home!