It is a bit difficult to think about buying a home due to the negative news on the real estate market. When you review the facts, it is actually a very good time to purchase real estate. Here are reasons for buying Staten Island NY real estate this year. Reasons For Buying Staten Island NY Real Estate This Year Reduced Interest Rates Mortgage rates are at an all time lows. Most buyers secured fixed rates under four percent during recent months. Mortgage rates have a big impact on recurring mortgage payments. By acquiring a low rate, home buyers spend less money on a property or are able afford a higher prices home. Rates may not remain low for very long, so buyers may want to act sooner rather than later to to fix in a low rate for the length of their home loan. Home Price Trends The downturn in the real estate market means that listing prices are lower than they were at the peak of the market. Similar to stocks, it is better to purchase at a low price than a high one. Real estate generally increases in price over time. By purchasing on the low end, there is much more potential for price increases. The Ability to Upgrade to a Bigger Home When real estate values decline, it is actually the best time to upgrade to a more expensive property. Buyers can lose money in selling an existing home, but the savings on the more expensive home should be more than that loss. Many buyers are realizing that the lower prices offer a rare opportunity afford a home of their dreams. Renting Comparison Rental rates are high even though housing prices are low, leading to less of a gap between renting and buying. Buying provides tax advantages as well for mortgage interest, municipal taxes, and other expenses. When you also consider the ability to build equity over time, home buying provides both savings and long term growth potential. Help With Buying Real Estate in the Staten Island NY Area There are many reasons for buying Staten Island NY real estate this year. If you are ready to benefit from decreased prices, low interest rates, and the other advantages of purchasing a home, start by finding a mortgage professional and real estate buyer agent. Contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties 718-408-1499 for additional details on the local market and assistance with your property search needs.