Many home buyers have been nervous in the last year whether or not it is time to buy or just to stay renting. Obviously the news across the board has not been good of the housing market or helping give home buyers the confidence to purchase a home. The news really has blown things out of proportion and now is definitely the time to buy.
My reasons are simple:
1. Interest rates are the lowest they have ever been, I was at a settlement last week with a home buyer who was fortunate enough to lock in at 4.5% interest rate.
2. First time home buyers who purchase a home in the upcoming months will benefit from a $8000 tax credit. That's right $8000 to help you out in your new home! If you have already filed your tax return and purchased a home you can amend your return and receive the $8000. You also have the choice instead of amending your return this year, to receive the $8000 when you file next year.
3. Inventory of homes on the market are up and prices are low! This is truly a buyers market where you as a buyer can get a great buy on a home and gain instant equity. There are many benefits to home buyers when you negotiate on a home purchase in the current market.
4. WHY PAY RENT?? By paying rent on a home you are basically paying your landlords mortgage. You have no benefits as far as tax write offs at the end of the year. You have no pride of home ownership and most importantly you are not letting your money grow in your investment.
I am not trying to knock renters. If you are content with renting I can't fault you. I just feel that future home buyers need to know all the benefits of home ownership that they can have. Also just the simple point of, if the government is giving you money to achieve the American dream, why not go with it!
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