With all the negative news about the real estate market hovering around the country, there are still good reasons to buy Carmel CA homes. This is just a positive outlook lingering in the mind of people who really understand the status of the current market. If these words are not just enough to prove that, then here are top reasons why it’s a good time to buy a home.
Homeowners can always get a great deal. This is really true, especially if you are determined and patient. As the market favors the homebuyers, it is time to use all your advantages to get the right home that you want. Since tax credits on purchases have just expired, many buyers of Carmel CA homes have gave up. According to Standard and Poor’s Case-Shiller Index, home prices have dropped about thirty percent from their peak.
For 30-year loan, mortgage rates dropped to 4.3 percent from about 6.3 from the previous two years. Known as the lowest drop on record, this can reduce your monthly repayment by a fifth. So what are you waiting for? Take advantage of the mortgage rates before the inflation goes up.
Tax is deductible. You can slash the mortgage interest by your income taxes. You can reduce your real housing taxes. Additionally, if any, you will obtain a tax break on capital gains when you sell. If you will itemize your deductions, you will get the income tax break and it is better to take the standard deduction instead. With these tax breaks, owning will cost you less than renting.
If you will purchase your own home, you have the right to make it your own paradise. Grab a brush and paint the wall green. Upgrade the kitchen and the bathroom if you want. Do everything because it’s yours. These are only a few things to look into when it comes to homeownership.
Lastly, home equity is your best asset. If our economy start rising in the next few years, prices of Carmel CA homes will appreciate again as well.