There are so many great reasons to purchase a home in Berks County. If you're a first-time homebuyer, buying a home can give you a greater sense of security and accomplishment in an uncertain world. If you’re looking for a repeat buyer a second time around, moving might provide you the space or features you need for greater success and happiness in your new way of life. Whatever your motivations are, here are three reasons why you should become a homeowner now to save big in the long run.

1. Buying a Home Is a Great Investment

Real estate continues to be a good investment, outpacing gold, stocks, bonds, and savings. Why is that? Because real estate builds equity, generating forced savings that grow your net worth. According to the latest Equity Report from ATTOM Data Solutions:

“The count of equity-rich properties in the fourth quarter of 2020 represented 30.2 percent, or about one in three, of the 59 million mortgaged homes in the United States. That was up from 28.3 percent in the third quarter of 2020, 27.5 percent in the second quarter and 26.7 percent in the fourth quarter of 2019, despite the ongoing economic damage caused by the worldwide Coronavirus pandemic.”

2. Mortgage Interest Rates Are Low

According to the Freddie Mac Primary Mortgage Market Survey, 30-year mortgage rates have declined since November 2018 when they hit 4.94%. Freddie Mac's latest forecast projects that interest rates will remain low, leveling off at 2.9% in 2021.

A low mortgage rate results in a lower monthly mortgage payment, giving you the opportunity to get a larger house for your money.

3. Investing in Your Future Pays Off

Many renters haven’t purchased a home yet because they’re uncomfortable taking on a mortgage obligation. What they don’t realize, however, is the positive financial power of equity.

When you own your own home, you get to take advantage of ‘forced savings’ that you can reinvest later in life. You can use the equity in many ways; for instance, to fund a loved one’s education, to move into a better home, or to open your own business. As a renter you actually grow your landlord’s equity instead of your own.

If you’re ready to start working on your dreams and goals, purchasing a home and using your monthly payments for that may be the right move to make, especially as rental prices continue to rise.

Investing in a home as soon as possible can lead to significant savings and long-term financial growth. Check with us to determine if owning a home in Berks County is the right choice for you this year.

Visit our blog every week for more real estate articles and local Berks County articles. We can help you find the perfect home for sale in Reading and the surrounding communities of Blandon, Boyertown, Douglassville, Exeter Township, Fleetwood, Kutztown, and Oley with our powerful property search tool.