2016 has arrived and if you are planning on buying or selling your home in Prescott Arizona, the stars are aligning in your favor.
With an abundance of beautiful homes for sale that include historic homes from the turn of the century to modern architectural marvels tucked into a beautiful mountainside, this could be your year as interest rates and tax benefits are still in your favor.
Interest rates remain historically low
Even though the feds recently increased the interest rate, they remain at historic lows and the savings in interest over the life of a mortgage could be reason enough to move forward to buy or sell in 2016.
The tax laws continue to favor homeowners. Along with the benefit of buying the home of your dreams, you can also reap a savings in mortgage tax deduction benefits.
TRID brings in new changes to the real estate market
With the introduction of TRID, a result of the Dodd- Frank act you may be in line to benefit from some of the changes to traditional mortgages. TRID is a combination of TILA and RESPA and includes looser credit terms as it now requires a down payment of just 3.5%. TRID is an acronym of four mortgage acronyms, Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), Integrated and Disclosure.
Now is the time to invest in your dreams
With the cost to rent a home rising and showing no end anytime soon, why not invest your money in the home of your dreams and start saving with the mortgage tax deduction benefits. Put first time buying at the top of your list this year!
2016, a new blank page, a time to move forward with your dreams and to honor those resolutions. We Wish you a prosperous 2016 and remember regardless of where you choose to live in Prescott, you always have access to the many natural wonders in the area from National Forest lands to one of the many lakes in the area. Prescott is truly a beautiful place to live with four mild seasons you can enjoy while hiking, biking or simply relaxing.
Prescott Arizona, “Everyone’s Hometown.”