East Texas has seen a boost in residential real estate sales. According to a real estate broker from the area, low interest rates have helped home buyers in the region, and home sales have been on the increase.
When it comes to residential real estate, the lower the interest rate on a home mortgage, the easier it is for would-be home buyers to quality for loans. According to mortgage brokers, the average home loan interest rate is currently 4 percent for 30-year mortgages. As long as the federal reserve maintains interest rates as they are -- and some believe that rates will stay around 4 percent throughout 2017 -- we could continue to see improving real estate markets.
Federal tax deductions are also enticing home buyers. Property taxes, insurance premiums, home interest and other costs are all tax deductible, which makes the idea of owning rather than renting more affordable and more financially attractive to potential buyers.
Most real estate experts will agree that buying has some very big advantages over renting. For one, real estate buyers are putting money in their own pockets when they're paying off their mortgages, as opposed to renters who are putting money into someone else's bank account. That said, if someone is living in a home short-term, it might not be economically feasible to buy. Also, buying comes with risks as real estate values can fluctuate substantially and quickly, as we saw in the latter half of the last decade.
San Antonio residents who are buying or selling a home in Texas may want to contract the services of an experienced real estate lawyer to help them with their transactions. A real estate lawyer can evaluate all the documentation relating to a home, and help in the evaluation of the home itself, to ensure that the real estate transaction is handled appropriately.
Source: cbs19.tv, "East Texas real estate seeing boost in home sales," Kenley Hargett, Dec. 27, 2016