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Carol Eisenstein's Blog

By - Carol Eisenstein - | Agent in Livingston, NJ

10 Reasons to Buy a Home


10 Reasons to Buy a Home

REALTOR® Magazine

CB033579

Why is now a great time to buy?

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.

Comments

By Helen Oliveri,  Sat Dec 11 2010, 13:48
These are fantastic reasons!
By Michael,  Sat Dec 11 2010, 18:02
Carol, I couldn't agree more with these reasons. Especially the mortgage rates, even though slightly higher than ave. 4.3% today. I am not sure many potential buyers understand that when the mortgage rates go up so do the prices (indirectly). Most buyers purchase a home they feel they can afford. Well, as rate move up, the home prices that they can afford move lower. Which in effect is very much the same as house prices rising, and fast. Now is the time to buy!

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