Making a residential real estate purchase in the New Year

The last twelve months have demonstrated just how exciting the residential real estate market can be. All across Worcester and in the rest of the country people got into new residential properties at great prices and with incredible interest rates. As 2014 kicks off, experts in the residential real estate field see more relatively good things ahead.

One real estate professional believes that 2014 will be an excellent year to make a residential real estate purchase. Noting that home prices are expected to rise at a slower rate than they did in 2013, people hoping to buy homes may still be able to get good deals on the houses of their dreams.

Though home prices may stay reasonable, the expert also notes that interest rates may go up as the year progresses. While a quarter or half of a percent may not seem like a huge change to people not watching the real estate market, a small change on a person’s mortgage rate can make a huge difference in his home payments on a $400,000 property.

Individuals looking to acquire residential properties should also keep in mind the associated benefits that come with homeownership. From the many possible tax breaks they can utilize to the intrinsic benefits of investing in one’s own house, many advantages exist for homeowners over their renting neighbors.

For those individuals who have resolved to buy a home in 2014, it looks like the market will continue to offer a wealth of attractive options. Whether a buyer is interested in a short sale, foreclosure or traditional purchase, he can be confident he is on the right path when he chooses to work with a legal professional in the real estate field.

Source: CBS Money Watch, “Why 2014 is a good year to buy a home,” Amey Stone, Jan. 1, 2014