Why you should buy a home now?
When the housing bubble burst, there were rumblings in the media to question the old wisdom that home ownership is a good idea. But now is a great time to buy, and here’s why:
Affordability. Bargains abound, with homes in many markets selling for half of what they would have fetched a few years ago. But will prices drop even further? Maybe – opinions are split on whether the market has truly reached bottom. But there are plenty of markets that are beginning to rebound, and nothing lasts forever. Unless you’ve got a crystal ball to predict the exact moment when the real estate market hits bottom, pounce now.
Selection. No more settling for whatever you can afford. There’s a glut of existing homes on the market, so you have your pick.
Motivated Sellers. The still-sluggish job market and lukewarm growth means that plenty of homeowners need to sell fast. If the owners have lost a job, or need to relocate in order to take a new one, they’ll want to get out of the house quick. Builders and speculators are sitting on big inventories of empty houses, too, and banks want to unload foreclosures.
Low Interest Rates. Mortgage rates are at historic lows, and it’s unlikely they’ll drop further. Even a one-percent increase in your mortgage rate can mean thousands of extra dollars in payments over the life of the loan. Should rates fall in the future, you can always refinance.
Taxes. Mortgage interest on your home and property taxes are deductible on your income tax return. The same can’t be said for rent. And the New Home Buyer Tax Credit , which expired for most people in 2010, is still available through April 30, 2011, for members of the Armed Forces.
It’s All Yours. Want to paint the kitchen green? Build a treehouse for the kids? Install a whirlpool bathtub? You can customize your home in ways that a landlord would never approve.
Fixed Payment. If you have a fixed mortgage, your monthly payment won’t change. Yes, your taxes and insurance can go up, but you won’t have to negotiate a new contract with your landlord year after year.
They Can’t Throw You Out. It might be tempting to rent a nice place in a pretty neighborhood, but as soon as prices rebound, the landlord will be looking to bring in a more lucrative tenant or sell the property out from under you. As long as you make your mortgage payments, you have a home for life.
And isn’t that the point of buying a home? A home is where you live, and where your kids grow up. Do you really want to retire and have to worry about a rent payment?
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