5 Reasons to Buy a Home in Ocean County this Spring
Purchasing a home is a significant decision that should be taken after giving great thought to your financial status and way of life. However, there are a number of reasons why purchasing a home in 2023 could be a wise move.
Potential appreciation: One of the primary reasons to buy a house in 2023 is the potential for appreciation. Historically, the value of real estate has increased over time, and while there are no guarantees, buying a home in 2023 could be a wise investment. As the population grows and the economy recovers from the pandemic, demand for housing may increase, driving up home values.
Below Average Interest Rates: You may think that current interest rates are high, but it’s below average for the last 50 years. Today, Friday, March 24, 2023, the current average 30-year fixed mortgage interest rate is 6.79%. The 30 Year Mortgage Rate in the United States averaged 7.75 percent from 1971 until 2023, reaching an all-time high of 18.63 percent in October of 1981. Don’t forget that you can refinance your loan when mortgage rates drop. (Note: Although you can technically refinance immediately after purchasing a home, some lenders may require you to wait a few months before refinancing with the same company. If taking advantage of better terms is your main consideration, the path may be clearer)
Tax benefits: Owning a home comes with tax benefits that renters do not have. For example, you can deduct mortgage interest, property taxes, and other expenses related to your home on your tax return. These deductions can help lower your overall tax bill and increase your take-home pay.
Stability and Control: Buying a home gives you stability and control over your living situation. You don't have to worry about a landlord raising the rent or deciding not to renew your lease. You can also make changes to your home to suit your needs and preferences, such as painting the walls, landscaping the yard, or renovating the kitchen.
Emotional Satisfaction: Finally, owning a home can bring emotional satisfaction and a sense of pride. You have a place to call your own, where you can create memories with family and friends. You can also take pride in the fact that you are building equity and working towards a financial goal. Homeownership can be a source of personal fulfillment and satisfaction.
Of course, buying a house is a major decision that should be made after careful consideration of your financial situation and lifestyle. However, if you are in a position to buy a home in 2023, there are many reasons why it could be a smart choice.
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.