This is a great time to buy! Home prices have come down considerably and have never been more affordable. Interest rates are at historic lows. Can they really go much lower? Selllers are motivated to sell so buyers have a large inventory of property to choose from now. Additionally, youâ€™ll have bargaining power. Lenders are lending. If you have a job, a reasonable down payment, and good credit, takes the plunge!
Rents are back on the rise while property prices, according to some experts, have dropped nationwide by 30% to 40%. Other experts believe we are back to 2002 property values.
If the above wasnâ€™t compelling enough for you buy a home, keep in mind that you can deduct property tax and mortgage interest expense on your tax return. Check with your accountant or tax expert to confirm your projected deduction based on your specific circumstances. This is better than taking a renterâ€™s credit on your tax return. Finally, owning property could be your biggest retirement nest egg. Instead of paying a landlord rent you are investing in an asset you own!