Grab RSS FeedIf you didn't buy a home in 2013, you may be kicking yourself now. Home prices climbed nationally an average of 13.6% in the past 12 months.
Don't make the same mistake in 2014, suggests real estate attorneys in Framingham.
Market forecasters predict that 2014 will be another year of gains for the real estate market, even though the rapid pace of sales in 2013 cooled off a bit at the end of the year. On Dec. 30, The National Association of Realtors said its pending home sales index, based on contracts signed last month, rose 0.2% in November, below the 1 percent rise forecast.
Home prices are expected to rise about 5% next year. Higher mortgage rates will dampen the pace of both sales and price gains, but not bring them to a halt. The average rate on a 30-year fixed mortgage is expected to rise from 4.5% to 5% in the next year.
Even aside from expected price gains, buying a home is almost always a good investment in the long run. Tax benefits are not to be overlooked.
When one rents, at the end of the year he or she has a pile of 12 cancelled rent checks. However, the homeowner has a pile of 12 cancelled mortgage checks that are nearly fully tax deductible in most cases.
For help or information, contact Black and Buono.
CBSNews
