Inventory may be trending lower than it's been in the past, but that doesn't mean buyer demand has decreased along with it. In fact, buyer demand is soaring and many of those in the Eastern Panhandle real estate market are first-time buyers! Buyers are looking for property while mortgage rates are still historically low and before prices rise even further, however there are some that are wondering— Is it worth it to buy a starter home?
If you find yourself unable to purchase your forever home right now, that doesn't always mean you should give up the game entirely. We've included three reasons why buying a starter home is still a good idea:
You will build stability
When you own a home in Jefferson or Berkeley County WV, you begin to feel grounded and part of a community. Perhaps because you can truly make the property your own with personal touches, homeownership provides a certain sense of stability that renting just does not.
You will build equity
One of the greatest benefits of owning a home in West Virginia is the equity you will build. If you plan to stay in the home for at least five years, you will likely come out ahead and realize your return on investment. What's more, you can apply for equity you build by adding improvements to the down payment on your next home.
You will have tax benefits
Homeowners in West Virginia's Eastern Panhandle are able to deduct their mortgage interest off of their taxes. For instance, if you pay $1,000 a month in interest, you can deduct $12,000 at the end of the year.
Give Kable Team Realty a call today with any questions you have about buying a home or available properties in Charles Town, Ranson, Harpers Ferry, Shepherdstown, Hedgesville, Inwood, Martinsburg or Falling Waters.
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