1. Owning is Cheaper Than Renting
Home buyers spend about 15% of their monthly income on mortgage while renters are spending about 30%. Assuming home buyers keep up with their expenses by having an organized plan, they could be done with their payments on their home purchase within two years or less! More than worth it in the long run. You can be confident buying a home is a stable investment.
2. Construction of New Homes is UP
There is talk that residential markets are beginning to stabilize supply and demand. While there are still homes and rentals currently sky-rocketing in price, construction investors are buying land to build. This is going to give us much more supply to work with in the future, therefore lowering the demand- and the cost for you!
3. Mortgage Rates Are Still Low
Mortgage Rates are still low in today’s economy but no one knows when it may last until. The window for record-low rates is approaching a close, some say it is the best rate you may see in your lifetime. With the new Interest Rate rise at the end of 2015, everyone wants the best bang for their buck- now is the time to act, the longer you wait the higher it will be!
4. Rents Will Continue to Rise
Recently we have experienced some out of control rent prices, and unfortunately these are only going to continue to rise. In most cities, buying will most definitely be better than renting. Although the window for low mortgage rates is coming to a close, you are still better off in the long run with buying.
5. More Homes and More Inventory
With more builders focusing on middle-income and starter housing, there will be a severe decrease in competition for a buyer during their search. The demand will be lowered meaning you will be able to get a better deal and an added bonus- with less pressure!
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