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10 REASONS YOU SHOULD BUY A HOME |
Top ten reasons to buy a home today!
How long have you been thinking about buying a home? Months . . . or maybe years? Whether it's finally buying your first home, moving up to something larger or simplifying your life with a small retirement home - this is the best time in 30 years to buy a home. Here are the ten top reasons for you to get off the fence and buy your dream home today!
1. You can get a good deal! It's a real buyers market out there - especially if you play hardball! We are now four to five years into this housing price correction and many buyers have either already bought or they stopped looking when the tax credit expired. Prices are down 25 to 50 percent from the highs and have been moving up for the last 16 months in North Coastal San Diego County.
2. Mortgages are cheap! You can get a 30-year fixed-rate loan for about 5 percent. These are the lowest rates on record.- what's not to like about that! As an example, you can finance a $400,000 loan for about $2,000 per month - about the same as what you are now paying for rent. If inflation picks up as many expect, we won't see these rates again in our lifetime.
3. You'll save on taxes. The mortgage interest and real estate taxes can de deducted from your income taxes. Plus, you'll get a tax break on capital gains when you sell at a profit. Of course, the tax breaks are more valuable the more you earn and the bigger your mortgage. Many people find that these tax breaks make owning a home cost a lot less than renting.
4. It will be yours. When you own your own home, you can have the kitchen and bathrooms you've always wanted, paint the walls your favorite color, redo the yard or create the garden that you've always wanted. In short - you'll feel better about having your own place than when you rented.
5. You'll get a better home. Sometimes it's really hard to find a great rental in top condition. It seems like all the best places are sold off as condos. When you buy your own home, you can choose a newer home in a great location without compromising like you do when renting.
6. You can put down roots in the community. As a homeowner, you'll get to know your neighbors, participate in street sales, meet potential baby-sitters and play Saturday-morning touch football in the park. Renters tend to live more insulated lives.
Also, you'll have a greater voice in community affairs and have more clout when it comes to neighborhood development proposals, school issues, changes to traffic signals and the like. Because renters tend to be more transient than homeowners, they have less influence with policy makers.
7. Real estate can be a great investment. True, your home is not the stock market and you shouldn't view it as the way to get rich. But, as the economy strengthens - like it always does sooner or later - real estate prices will head up again.
Over the long term, real estate has been a great investment with housing prices beating inflation by a couple of percentage points each year. Home ownership is just another part of your investment portfolio including stocks and bonds. Being diversified will allow you to sleep better at night.
8. It's like a forced savings account. Part of your mortgage payment goes to paying off the principal balance and building your home equity. It starts out slowly and builds as the loan matures. As a bonus, with lower rates many people can now qualify for a 15-year loan which has a faster payoff - adding to your net worth even more quickly.
9. There are a lot of homes to choose from. There's a glut of homes on the market. The National Association of Realtors estimates 4 million - well above typical levels - and about a 12 months' supply. New homes are coming on the market every day including bank foreclosures as they unload their inventory. That make for a great selection and prices for you .
10. The housing inventory will clear. The U.S. population is forecast to grow by 100 million people in the next 40 years. That means about 40 million new households will be formed and looking for a place to live. Experts predict that sooner or later we will actually experience a housing shortage - putting upward pressure on prices. |
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Carlsbad, California 92008