Whether you’re relocating to Erie, currently renting and thinking of making the leap from tenant to owner, or pondering purchasing an investment or rental property in Erie, there are many reasons to might be considering investing in Erie real estate. Here’s why now is a great time to buy a home in Erie, PA.
6 Reasons to Invest in Erie PA Real Estate
Thinking of buying? Here are some pretty compelling reasons you should!
Prices are Low
Erie is a notably affordable place to live. The median sales prices of homes sits right around $100,000 (about $80 per square foot). The sales tax is just 6%. And the overall cost of living in Erie is 14% lower than the Pennsylvania and national averages. Plus, interest rates are still low… but expected to rise considerably over the next year.
Homes Appreciate Over Time
Historically, home values rise over time. In Erie, values rose 8.6% over the past year (!) and are expected to continue rising, as much as 3.7% over the coming year. Plus, when you sell your home, you won’t be taxed for up to $250,000 ($500,000 for married couples) on any property gains you see.
There are Lots of Tax Deductions
Real estate investments are a great tax shelter. You can write off your mortgage interest on your taxes, as well as your property tax. Plus, for investment properties and rentals, there may be other things you can write off, too, like costs of repairs or utilities, depending on your situation.
Mortgage Reduction Builds Equity
When you pay rent, your money goes to your landlord. When you pay a mortgage, your money goes to paying off your debt. Each year, a larger percentage of your payment goes towards your principal (as opposed to the interest), which means that every year you pay off more and more of your loan. Eventually, you’ll almost be living rent-free (and if your property is a rental, all that rent money will be money in your pocket)!
Ownership Makes for Consistency & Stability
Ever rented a home and had your landlord increase the rental rates after your lease ends? Well, that doesn’t happen with your mortgage. Every month, year after year, you’ll know just what you owe, making your payments a very predictable expense.
Plus, buying a home is a long-term investment, which means you’ll get the chance to put down roots, make friends with your neighbors, and build relationships throughout the community.
There are Still Lots of Options
Nationally, the real estate market has seen a shift from a buyer’s market to a seller’s market—meaning more and more buyers are getting into the real estate game, making the number of homes available pretty limited. Fortunately, the trend hasn’t reached Erie yet, so there are still lots of homes to choose from, whether you’re looking for an affordable first-time home, a new home for sale, or a beautiful waterfront home.
Ready to Invest in Erie PA Real Estate?
If you’re thinking of buying a home in Erie, then it’s time to contact Marsha Marsh Real Estate Services. As your guides to real estate in Erie, we’re here to help you explore the area, discover its beautiful neighborhoods, find your ideal property, and relocate with ease.