Were you planning on purchasing a home this year? With so much uncertainty surrounding the spread of COVID-19, it is difficult to predict the state of the housing market over the next several months. However, many buyers are continuing their home search as we progress into peak buying season. Here are some of the greatest benefits of homeownership in 2020.
Since the beginning of 2020, mortgage rates have fallen to the lowest average in 50 years. This known fast will bring buyers to the market looking for homes. Many first-time homeowners are intrigued by the possibility of locking in a rock-bottom interest, without ever needing to refinance. This fact will bring buyers to the market this Spring.
One of the most appealing benefits of homeownership is that you have the comfort of knowing that a home is yours as long as you keep up with the mortgage payments. In a time of much uncertainty, this benefit always remains to be true.
Many people are frightened at the thought of homeownership because it can require a lot of money upfront. While home prices are often unpredictable, purchasing a home should be looked at as an investment. Historically, most homes will increase in value over time. Also, owning a home allows a person to build equity. The equity in your home can be calculated by subtracting the amount you owe from the current market value. As you make your monthly mortgage payments, you not only reduce the amount you owe but you increase your equity as well.