We all have different reasons why and when we purchase a home. Home prices have tumbled from a false appreciation that occurred during the boom years has left many of use cringing as our equity has been wiped leaving us even with our value or in most cases upside down in our mortgage. Buyers are wreaking the rewards from the high volume of homes that are currently on the market. If you can qualify to purchase a home the world is your oyster or in housing terms your dream home awaits you. Home loan interest rates are best we have ever seen and history shows when you are trying to time the absolute bottom of a market chances are it will have already hit and start back up. In closing I say keep your eyes on the housing market and look for your home in your area chances are you might just find a place to call yours. Please feel free to call Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com for assistance.
10 Reasons to Buy a Home
Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.
Why is now a great time to buy? Here are 10 reasons:
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.
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.
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.
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?
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.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
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.
8. It’s forced savings. A part of your payment each month goes to equity.
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.
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.
Source: Wall Street Journal, Brett Arends (9/16/10)
