The right time to buy a house in Dutchess County?
There is a saying. “Make hay while the sun shines.” If you are a farmer or just know one, then you have very likely heard this adage. Maybe it does not feel as if the sun is shining on the real estate market in Dutchess County, but there are some factors to consider. If you are financially stable, have job security, and are planning on staying in the Dutchess County area for the next four to seven years, you should think about buying a house.
Why buy now…
- Interest rates are at an historic low.
- If you are a first-time home buyer, there is currently a tax break if you buy now.
- Home prices have fallen to levels we have not seen in decades.
- The Poughkeepsie Journal will NOT run an article saying we have hit the bottom of the market. You will only know we have hit bottom when we are already on the way back up.
- Historically, homes have generally appreciated over time raising the net worth of homeowners. This will be true again when this economic period is over.
- We predict the next economic problem will be inflation due to the excess monies being spent in the “so-called” stimulus package. Homes and real estate will rise with inflation thus protecting your net worth.
- You should always keep in mind that 28% of yearly gross income is the safe limit for housing debt and real estate taxes combined.
For more details on any of these points, please feel free to contact our office.
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