10 reasons to buy a home now...a perfect time according to SOME experts! I agree with that theorem for the following reasons:
- Prices are lower than they have been for 5 years.
- Rates are at record lows.
- With a plan to live in the house, you can rely on equity growth.
- Owning vs Renting is to your advantage since rental fees go to someone else's income.
- mortgage payments add to the equity in your home.
- Ownership builds your stature in your community.
- There are tax benefits to owning vs renting.
- You can change the way the house looks if you want, unlike when you are renting.
- Buying now vs waiting can give you a head-start on the future; it is unlikely that prices will go much lower.
- If you buy now with a 30 year fixed rate under 4%, you will be in a position to be less apt to move, thus saving on frequent moving costs and the stress of moving often as you do when you rent.
My list differs from the WSJ list but not much--I find that the person who is willing to go for the extra risk of buying now has a better handle on how finances really work long term.
Just yesterday, on September 16th to be exact, the Wall street Journal did it's usual Update on the national real estate markets and this time they published a list of the most feasible reasons there are to buy at the moment.
What was driving the report? The idea that we have reached a point called "capitulation", or the masses have "given up" on housing as a way to invest money, to save for retirement and to build equity. This comes on the heels of Time Magazine's September 6th issue, suggesting that it is time to "Re-think Home-ownership".
The author of the WSJ article, Brett Arends, says"Enough of the Doom and Gloom of the housing market". In other words,...time to get on with the business of home ownership and the tax benefits and the equity building prospects that come with it, for now and for the future.
It's a great read and should be taken seriously by all of us---and our clients/customers!
Home ownership is still the best, long term investment you could make!!!
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY. The views expressed herein are my personal views and do not reflect the views of Douglas Elliman Real Estate
Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
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