Five Reasons To Stop Renting And Buy Now

Why rent for now when you can buy forever? With so many empty homes out there (15,000 empty homes in Minneapolis alone) why not pick one up for yourself?

Here’s our Top 5 reasons why you should be talking to a mortgage lender instead of a landlord!

1. Interest Rates

Interest rates are hovering between 4.5% and 5.0%. That’s roughly $5 per thousand borrowed, plus property taxes and insurance. On a $150,000 loan, that’s $750/month, plus taxes and insurance.

2. Inventory

Inventory is still high, but starting to wane as sellers decide to wait to put their homes on the market.

3. Tax Deductions

Although its future is up for a vote, the Mortgage Interest Tax Deduction is still a powerful tool come tax time.

4. Stability

Buying a home means putting down roots, locking in while the getting is good, and being able to make a long term plan. If you know that you want to be in your area for the long haul, then why wait?

5. Freedom

Owning your own place means you answer to nobody (but your co-owner, partner, wife or husband). Paint the walls lime green. Have a loud party. It’s your place – enjoy!

This post was originally published on the Metamorphosis Realty & Design-Build blog.

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