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Wenzel Select Properties Newsletter-Vol 13 Issue 4

(630) 430-4790team@wenzelselectproperties.comwww.wenzelselectproperties.com

Five Reasons Buying a Home Right Now Could Be a Smart Decision

Interest rates play a significant role in any homebuyer’s decision-making process, and understandably so. However, there are plenty of other factors that need to be considered when it comes to purchasing a home. Ultimately, the decision to buy a home should be based on whether it’s the right time for you, both personally and financially. Despite higher interest rates, buying a home can still be a smart decision for many reasons.

Long-term Financial Growth
When it comes to long-term financial growth, investing in real estate is a smart move. Even during the Great Recession, the lowest point of the housing market, home values steadily rose over time, consistently keeping pace with inflation. While home values may fluctuate over the short term, real estate has consistently proven to be a reliable long-term investment.

Building Equity
When you make your mortgage payment, a portion of it goes toward the principle, which increases your equity in the home. This can be used to help finance your next home purchase or to fund home repairs or renovations, which can further increase the value of your home. Keep in mind that your home becomes your collateral when you use your equity, so it’s important to use it wisely.

Tax Savings
Tax savings are another reason to buy a home. Selling a primary residence results in a capital gain, but if the home is sold for a profit of less than $250,000 ($500,000 for a married couple), there are typically no taxes owed. Property owners can also deduct some property costs from their federal taxes, including mortgage interest, state and local property taxes, and some of the fees paid at closing. It’s worth noting that itemizing deductions only makes sense if the total deductions exceed the standard deduction.

Fixed-rate Mortgage Payment
A fixed-rate mortgage payment can also be a benefit of owning a home. Unlike rent, your fixed-rate mortgage payments don’t rise over time, meaning your relative housing costs may actually go down the longer you own the home. As your earnings go up, a static mortgage payment means your home debt load becomes a smaller percentage of your monthly expenses.

Lower Competition in the Market
High interest rates may actually work in your favor by reducing competition in the housing market. This can make it easier to find the home you want at a price you can afford. With fewer buyers in the market, you may also be able to negotiate a better deal on the purchase of your home.

Managing Broker: Lisa Wenzel - 630 430-4797

Broker: Melissa Mathis – 630 392-5171

Broker: Freddy Wenzel - 630 750-4797

Broker: Danny Reed - 708 703-4653

Broker: Kristine Emmel - 847 489-8965

Broker: Catherine Lopez - 630 981-4572

Broker: Michaela Valle – 630 946-4269

Broker: April Stary – 630 962-4820

Broker: Nina Rodriguez – 224 587-0780

Broker: Eumeka Aguado - 847 513-4433

Harmanpreet Singh - 630 440-1578

Anthony Abbatacola – 630 310-7493
Team Wenzel, 1120 Norfolk Street, Downers Grove IL 60516
The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.



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