As we all know,it is very hard for some of us real estate professionals these days to close a deal even though it is still a buyers market in most areas. Analysts have even strike fear into the hearts of some ready willing and able home-buyers who can afford to buy a house but just don't want to due to what they are hearing on the television,radio or reading in magazines and newspaper. And the foreclosure rate is not helping either. It is said that 1.8 million homes might end up being foreclosured by the end of this year -That is very scary! And with 117 subprime lenders out of business along with some 14 subprime lenders significantly scaling back or recently have been in financial,legal or operational distress is not helping the real estate market either. What is happening in this real estate market is only going to help the good and hardworking real estate professionals like you and myself educate our clients better about the home buying process and keep them abreast of the real estate market conditions and trends so that hopefully they wont face the possibility of foreclosing on their house. Here are seven good reasons why people should own their own home.
Seven good reasons to own your own home
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
2. Gains. Over last five years national home prices have increased at an average of 5.4 percent annually. And while there's no guarantee of appreciation, a study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. MONEY PAID FOR RENT IS MONEY THAT YOU WILL NEVER SEE AGAIN, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don't go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Looking for a Washington DC Real Estate Agent that will help you buy or sell your next house or want a"Free Real Estate Market Report" in your area of choice? Check out my websiteHouses for sale in Washington,DC. I can also be reached at Lanre Folayan "Buy Washington DC Real Estate" (EXIT PREMIER REALTY ... or Twitter http://twitter.com/DCHomesforsale. Please give me a call at 202-378-0283 (Direct) or 301-560-6700 x1154 (Office) at your earliest convenience. Thank you very much. Looking forward to helping you make your home purchase or sale a stress free and very happy one. Have a great day. "Buy a home in Washington DC"
7 Comments on SEVEN GOOD REASONS TO OWN YOUR OWN HOME!
AUG
13
2007
I think you mentioned some very sound points. Money and tax matters aside, I think that freedom and not answering to someone else are a very important part of home ownership.
Isn't it great to work in a field that pretty much everybody wants to buy into?
Jefferson - You are absolutely right. Freedom and not answering to someone else are a very important part of home ownership. Thanks for replying to my blog.
Gita- You are absolutely right. And I am sure you and jefferson have a lot of people in your contact database that want to buy a home but just cant afford to right now. Thanks for replying to my blog.
There is a great sense of belonging to the community once you own a home. People tend to find themselves more involved with community events - what is happening with the schools, roads, and shopping centers in their area. Some new homeowners find themselves getting into local politics in order to create better surroundings, which is something renters seldom do.
This is an excellent post. It makes very good point for those considering whether to buy or continue renting. This would make an excellent mailer to your local apartment complexes.
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I think you mentioned some very sound points. Money and tax matters aside, I think that freedom and not answering to someone else are a very important part of home ownership.
Isn't it great to work in a field that pretty much everybody wants to buy into?