If you’re looking to buy California real estate, you may be wondering when is the right time to buy in. Right now, there are plenty of areas with homes for sale. However, it can be difficult to tell whether prices have reached stable levels, especially without the help of an experienced real estate agent.
In addition, you may also be unsure about buying a home because you have not been able to determine your exact cost savings. Here are some things to consider to help you decide if now is the time to buy or if you should wait it out.
Rental Rates Are on the Rise
Many landlords in Ventura County are raising rents. If you want to buy Ventura County real estate, waiting to buy a home could make saving for a down payment or finding a great interest rate on your monthly mortgage even more difficult.
Millennials are driving increased demand for rental housing as they move out of their parents homes. Despite new apartment projects scheduled to begin next year, the current housing supply isn’t enough to keep up with the demand and vacancy rates are declining. In January 2016, the county’s vacancy rate was just 2.7%, which is a decline of 0.6% from January 2015.
Home Prices Are Likely to Increase
Ventura has also attracted much interest from homeowners that are looking to purchase new homes and foreign investors. As a result, home prices are likely to increase in the future. If you want to own your home before prices go up, you should consider buying now.
If you are only waiting it out because you aren’t sure if you can qualify for a mortgage loan, there are available to assist you so that you can get the financing that you need.
Buying Could Save You Money on Your Taxes
By continuing to rent, you are also missing out on the mortgage interest tax deduction. This deduction allows homeowners to write off the mortgage interest that they pay on their primary homes. Consider the savings that this tax deduction can offer you on your annual mortgage payments and compare that to the cost of your monthly rent.
If you need help with finding the right home to buy in Ventura county, get in touch with us today at (805) 212-1058 or send an email to firstname.lastname@example.org to schedule your free consultation. We’ll help you to navigate the local real estate market so that you can find the home of your dreams.