10 Reasons You Should Buy a House Now!
You see the commercials, read the newspapers, and hear what people around you are saying. Now is a better time than ever to buy a house. Some of us have been hearing this and maybe saying this for a while now. So what makes 2010 - 2011 a better time than ever to buy a house?
Here is an excerpt from the Wall Street Journal's September 2010 article "10 Reasons to Buy a Home" along with some *comments from me.
1.You can get a good deal.Prices are down 30 percent on average. They're at a level that makes sense for people's income. *Every area is different so check with your local Realtor® for pricing. In my area, many homes are priced right. However, there are some still priced to high. It varies area to area and neighborhood to neighborhood.
2. Mortgages are cheap.At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago. *Rates Vary so always get current pricing from a qualified lender. Your Realtor® can refer you to a qualified mortgage lender. For those of you considering your first home, you should know rates are historically low. Many of your parents and grandparents saw interest rates in the mid - high teens. Who knows what they'll be for your children.
3. You can save on taxes.When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place. *You can discuss this with your accountant. For many people, they have saved through home-ownership. There are other savings such as not having to move all the time.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that? *You can the shots in many cases. Want a fence for your pet? Tired of boxing things up? Tired of buying things such as curtains for an apartment that might not fix in the next space?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos. *It's a great time to move-up to your dream home. Perhaps there's something you've always wanted in your home but couldn't afford. If you have a property to sell, you may lose but, the hopes are to gain in the one you purchase. Think about what you need such as an additional bedroom, bathroom or larger kitchen. Maybe a 1st floor master if you're getting older or a 1st floor bedroom for aging parents. Do you want a larger yard or a home with the bells and whistles? Is there a different area you'd like to move to? The reasons could be endless.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation. *It seems there's no where to go but, up in many areas.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live. *Hopefully your investment will grow and you'll enjoy your beautiful home.
8. It's forced savings. A part of your payment each month goes to equity. *How much equity do you get back when renting? Usually - none.
9. There is a lot to choose from.There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it. *It's better to buy when you can be choosy than when you are in a time crunch and have to settle. Keep in mind, the sky isn't the limit unless moeny is no object.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply. *We're seeing fewer and fewer new homes.
I'm sure there are many other wonderful reasons to Buy a Home now. Investors are out looking for those good deals - shouldn't you be?
Keller Williams Preferred Realty
By Carla Freund Realty Team
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