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7 Reasons You Should Buy Your Next Home Right Now

Written By: Jaymi Naciri
Saturday, December 10, 2016

Get off the fence. This might be the best time to buy a home youre going to see for a while. Heres why.

Less competition for homes

Tired of having to duke it out for available homes and then losing out to higher offers? Thats a reality in many of todays hot real estate markets, where bidding wars are the norm. In some micro-markets, all-cash offers are king. Its hard to compete in that kind of environment, which is what makes the holiday season attractive to home buyers. Less activity during this season diminishes the competition, and can also help you get a deal.

"Since fewer people overall are looking to buy houses, you will have less competition for your preferred house -- and this gives you leverage," said moneytips. "Holiday home sellers often have to adjust their price downward or make other concessions if they want to sell. Keep this in mind as you search for homes. Bargains may be available, and listed prices may be more open to negotiation."

Ben Carson

President-elect Trumps nominee for the Secretary of Housing and Urban Development HUD post has previously made a number of comments about the agency that could spell wide-sweeping changes for buyers, and not for the better.

Carson referred to Fair Housing as "communism in a 2015 Washington Times op-ed, saying that fair housing policies "mandated social-engineering schemes" that repeated a pattern of "failed socialist experiments in this country," said the Wall Street Journal. That has housing insiders worried that affordable housing programs, and, specifically, low-rate mortgages from Fannie Mae and Freddie Mac may take a hit.


Chaney Capital

Privatizing Fannie Mae and Freddie Mac would greatly limit available mortgages and have an especially detrimental effect on low-rate mortgages that many buyers depend on to get into the market. "Carsons appointment could also affecttaxpayer-supported subsidized housing, which primarily helps homeless, low-income, and even senior Americans", according to Kristen Clarke, president and executive director of the Lawyers Committee for Civil Rights Under Law, said Realtor.com.

Interest rates are on their way up

Even if youre not ready to pull the trigger right this second, get pre-approved to lock in that interest rate now. Thats because rates have already risen some since the election, and all indications are that theyll continue to rise after the new year.

And, of course, getting pre-approved will allow you to move quickly when you find a home you love instead of being held up by the bank and risking losing the home when someone who is pre-approved swoops in.

Because youre ready to get your Joanna Gaines on

How badly do you want to rip out a kitchen and start over with something chic and pretty and chef-y in a place of your own? If youre currently living in an apartment, you may not even have permission to paint the walls, let alone update the kitchen.

The good news about renovations, other than achieving a great new look, is that you can actually get loans to pay for them - and, the interest is a writeoff. "The IRS considers the interest on a home-improvement loan fully deductible, up to 100,000 in debt," said MarketWatch.


Decoist

Loans to look for include the FHAs 203k program and Fannies Home>

The FHA 203k can be easier to qualify for, as credit scores can be as low as 660. The Home>

Tax savings

Unless you find a house tomorrow and close much more quickly than is standard today, you wont be able to reap the tax benefits this year. But theres always next yearand every year after that. And tax savings can be substantial, amounting to thousands of dollars youre not saving now.

Its probably still cheaper than renting

The tax savings associated with homeownership isnt the only way to save money. "Itscheaper to ownrather than rentin all but eight states and Washington, D.C., according to aGOBankingRates.comstudy of rent and mortgage costs," said MSN.

When calculating the difference between renting and owning, make sure you look at as much of an apples-to-apples comparison as possible. Oftentimes, when people are looking at rent, they fail to factor in renters insurance, security deposits, pet deposits, and annual rental increases. Those numbers can add up.

Predictable payments

Tired of that rent going up every year? Yeah, that stinks. If you live in Seattle, your rent is forecasted to rise another 7.2 this year, according to Business Insider. In Portland, its 6 and Denver 5.9. Those are the cities that are predicted to have the sharpest rises across the country.

Unless you have an adjustable rate mortgage, which isnt popular in todays low-interest-rate, 30-year-fixed mortgage world, or you cash out your equity and raise your principle at some point, your mortgage payment will remain your mortgage payment through the life of your loan. With so many other unknowns and intangibles, its nice to know that whats probably your largest monthly payment is always the same.





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