If the current economic situation has made you wary of investing in a home Ð or much of anything else Ð you are not alone. However, many experts advise that now is a terrific time for people to buy houses, condos, and other properties.
Why
Buy?
- Prices are at an all-time
low!
- You will get more house for
your money now than even a year ago.
- Sellers are motivated to
negotiate with you.
- Home ownership includes
great tax breaks.
- Great fixed-interest-rate
loans are still available!
Great
Values Abound
Home prices have continued a downward cycle for the past several
years. While this means that buying property with the
intention of renovating it and “flipping the house”
in a few short months is no longer a realistic option, experts have
every reason to believe that eventually, the economy will improve and
housing prices will follow suit. Buying now means you are
able to purchase both beautiful homes and investment properties, both
of which will automatically give you more house for your money than you
would have gotten six months or even a year ago.
Motivated
Sellers Means Better Deals
Even though real estate professionals are advising homeowners to stay
put right now, many people do not have that luxury. The
majority of homes on the market today are there because their owners
absolutely have to sell them. Many of them are facing
foreclosure, and many others are simply desperate to get out.
Regardless, this means that they are far more inclined to work with
prospective buyers, negotiating inspections, repairs, closing costs,
and other aspects of the sale to make things even more favorable for
you. They are also more likely to agree to less than the
advertised price, sometimes saving buyers thousands of dollars on the
purchase of an already discounted home.
More
Than Just a Physical Shelter
Purchasing a house and maintaining a mortgage can provide you with more
than just a shelter in which to live; it can also provide you with a
tax shelter. Various tax breaks are available for home owners
and those who have borrowed money to finance property.
Especially if you have a certain level of income, owning property is an
important way to keep more of your earnings
from going to the government.
Interest
Rates are Good
Though interest rates have risen a bit in the past few months, there
are still great fixed rate mortgage deals available to many
buyers. If you have great – or even just modestly
good – credit, and a decent down payment, you will be able to
negotiate an affordable interest rate from your lender.
Remember to shop around and make sure to speak with your agent about
things like a reduction in various fees and closing costs.
The better your credit is, the more likely they will be to help you
make the most of your mortgage.
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