Thanks for taking the time to stop by my blog! If you’re here, chances are you’re interested in buying a Lexington home. Whether you’re relocating to this historic Massachusetts city, or you’re ready to buy the home of your dreams in Lexington; you may have questions about the current Lexington Real Estate market.
As a Lexington Real Estate agent, I know that buying a home can seem like an overwhelming process. Yet, finding a trusted real estate agent who knows the area and can walk with you through each step will help everything run smoothly. Buying a home can be a stress free process, and you’ll find that now is actually a great time to buy!
Record low interest rates and a wide variety of reasonably priced homes currently on the Lexington Real Estate market are just a few of the main reasons to buy now. Recently, Quicken Loans pointed out five additional reasons why now is a great time to buy, which I think will help you in taking the next step.
Appreciation- Buying a Lexington home now (at the current rates) can almost ensure your home’s appreciation in the future. Mortgage rates are near historic lows and home prices are the lowest the nation has seen in 10 years! If you hold on to the home until after the market improves, this can result in a significant return on investment!
Property Tax Deductions- For income tax purposes, real estate property taxes for a vacation home and first home are fully deductible. The IRS (Publication 530) provides detailed tax information on and answers questions on what deductions for which home owners are eligible.
Preferential Tax Treatment- If you own your home for over a year and receive more profit than the allowable exclusion after the sale of your home, the profit will be considered a capital asset, which are given preferential tax treatment.
Equity Building- There are many factors that play into the final decision of which mortgage loan works best for you such as credit qualification, loan flexibility and annual percentage rate (APR). However, there’s a new trend towards equity building among today’s buyers which means paying more on a loan each month in order to decrease the principle balance more quickly. This trend, called equity building, allows borrowers to:
- Pay off the principle balance faster
- Lock in record low interest rates
- Shorten the length of their home loan
- Own their home faster
- Pay substantially less mortgage interest
Pride- This aspect is still key when it comes to the benefits of owning your own home. Going through the home buying process, building value into your home and having a place to call your own is still a thriving portion of the American dream.
I hope that as you consider buying a home in Lexington; you’ll find this information helpful! Of course, I’m always here to answer any questions you have about buying a home or the Lexington Real Estate market.
Please feel free to contact me today! I’d enjoy the opportunity to help you find your home in Lexington!
Theresa D'Antuono
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