The DFW area is growing at a historic rate so many people moving to the region have no other choice but to buy a home here in 2016. But for those who already call North Texas home and are considering a move or perhaps purchasing a home for the very first time, here’s a few reasons why 2016 might just be your year:
Think of All The Tax Breaks!
Tax laws in the U.S. aren’t all bad and if you decide to purchase a home, remember that unless your home loan is over $1 million, you’re able to deduct all monthly interest that you’re paying on the loan. And depending on the home you buy, there might be some other deductions you take off as well, especially when if it includes some modern, eco-friendly features.
Rent Prices Are Through the Roof
Rentals in nearly every major market across the county have risen, but especially here in the Dallas area. With demand as high as ever and inventory still low, paying rent can often equal or even exceed a mortgage payment. So why not put that money into a home of your own and finally start building some equity?
Interest Rates Are Still Low...Historically Low
A 30 year fixed rate home loan is still right around 4%, so even despite rising home values and prices, the historically low interest rates we’re seeing could still save you some money if you buy sooner rather than later. Rates are of course expected to rise in 2016, but even with a slight increase, there’s a good chance we’ll never see such low rates again.