It's the talk of the town...
With mortgage rates continuing to rise and inflationary pressure across the country,
...it has a lot of people on edge!!
“Should I still buy a home this year?”
While this year presents unique hurdles for homebuyers, it is critical to consider the long-term benefits of homeownership when making such an important decision.
Think about this.
If you know somebody who bought a property 5, 10, or even 30 years ago,
you're unlikely to find anyone who regrets their decision to purchase.
Why is that? As a homeowner,
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- You have more control over your living expenses.
- You build your credit score.
- You may be eligible for tax breaks and deductions.
- Your personal wealth increases when home values rise.
Here's an example of how price appreciation may pile up over time.
Home prices grew on average by more than 56% nationwide, over a 5 year period.
Home prices appreciated by an average of over 290% nationwide, over a roughly 30 year period. That’s almost triple the value of what that homeowner paid!
No wonder they are so Happy with their decision.
Did you hear the chatter in late 2022 that home prices would crash? IT DIDN’T HAPPEN!
Even though home prices have moderated in other areas from the record peak we saw during the “unicorn years”, home values in Maine have continued to increase. That means, your Maine home should continue to grow in value over the next year.
It also means, the longer you wait to purchase, the less bang for your buck you will have to do so. The sooner you purchase, the better it is for you.
Look, we know it can be scary, and the low inventory makes things challenging. Regardless of the market, we at The New England Real Estate Company have the tools, resources and the knowledge you need to be successful in your goal of having your own home. We are intensely invested in building our community by lighting the path to home ownership, for all. Even you!
Don’t wait. Let’s have a conversation.
