Charlotte Mortgage Lender Gives Seven Reasons to Buy a Home in 2014 Video

Hello I’m Rob Franek, President of East Coast Mortgage Lending and today I’m going to share with you seven reasons why you should buy a home in 2014. Now is a great time to consider buying a home and here’s why: 1. Home prices are relatively low. Units purchased and average sale price in Charlotte and in North Carolina are still at 2004-2005 levels. 2. Mortgage rates are low. Historically speaking, they are VERY low…. 12% lower than the highest point in 1981 and only .70% higher than the lowest rate in 2013. 3. It's cheaper to buy than rent. If you live in a metropolitan area, it may make more financial sense to buy a home than rent a house, condo or apartment. According to a 2013 Trulia Trends study, buying a home is 34 percent cheaper than renting in the 100 largest metro areas in the United States. While this data was calculated based on last year's lower mortgage rates, there is still a significant price difference in total monthly costs with today's rates. Also, consider the mortgage interest tax deduction and the appreciation – it makes financial sense to own. 4. It may be easier to get a mortgage. Banks are making it easier for some prospective buyers to qualify for a mortgage. Less stringent requirements and qualifying criteria may help some people finally get that home loan. If you have good credit and some savings available for a down payment, you might just be able to get a loan for your dream home this year. 5. Less competition from investors. Housing prices in some markets are increasing, making investment in real estate less attractive; particularly for those that buy homes to fix up and resale, also known as flipping. This gives prospective homebuyers more inventory to choose from and the benefit of having less pressure to close a deal because of another pending offer. This could be the time to enjoy the freedom of shopping around for that perfect home and making an offer. 6. Avoid the cost of rising rent. A buyer's market means it might be time to say goodbye to renting for good. If you're tired of rent increases at your current location or want to move but will experience a spike in rent, consider the benefits of buying a home instead. You may be able to secure a great rate and end up paying the equivalent or less in monthly payments as you build equity in a home. Also, you won’t be faced with rising rental costs year after year. 7. Invest in your future. Buying a home gives you a chance to start building equity, and you are investing in your future. Even if you end up selling your home in five or 10 years, you could profit from the sale and invest that money elsewhere. If you've been dealing with rising rent or the hassles of costly moves for the past few years, settling in to a home can stabilize your housing expenses -– especially if you get a fixed-rate loan at a great rate. You won't have to worry about your monthly housing expenses changing significantly for a few years, and you will pay for something that has real value. Consider the benefits of making this type of contribution to your future month after month. So there you have seven great reasons why you should consider buying a home this year. Thanks for joining me. Make it a great day!