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Why 2014 is a Good Time and a Smart Move to Buy a Home

Why 2014 is a Good Time and a Smart Move to Buy a Home

     
March 28, 2014  |  Real Estate

Here’s how reality bites…if you didn’t get that home in 2013 that you might have been eyeing, contemplating on buying, or planning on purchasing, you may be kicking yourself now. Here’s why:

According to the Standard & Poor’s / Case-Shiller 20-city home price index, home prices increased an average of 13.6 percent in the past 12 months. So don’t make the same mistake this year, says Benjamin Weinstock, real estate attorney and partner at Ruskin Moscou Faltischek in New York.

Forecast in the market predicts that 2014 will be a year of gains for the real estate market, despite the slight drop of sales in the latter part of 2013. Weinstock also said to expect a rise in home prices for about 5 percent next year and higher mortgages will significantly affect the pace of sales and price gains. For a 30-year mortgage, the average rate of increase is from 4.5 percent to five percent in the coming year.

So why wait when prices are higher and mortgage rates are steeper?

Buying a home is without a doubt, almost always a good investment for long term. Tax benefits for homeowners are also something worth considering. It could add to your financial-savings terms. “When one rents, at the end of the year he or she has a pile of 12 cancelled rent checks,” Weinstock says. “However, the homeowner has a pile of 12 cancelled mortgage checks that are nearly fully tax deductible in most cases.”

Find out more about tax benefits for homeowners here

 

Home Buying

 

Source: CBS News/Money Watch

 

About the author

The Blake Team is a full-service Real Estate team based in Aurora, Colorado specializing in working with Buyers & Sellers, foreclosures/HUD, short sales, and luxury properties. A team with years of experience and an impressive success rate that made it the No.18 real estate brokerage in the nation, as well as the No.1 Keller Williams agent in Colorado led by CEO & Founder Lisa Blake. The Blake Team is your No. 1 choice for getting your dream home!