6 Great Reasons To Buy A Home NOW

6 Great Reasons To Buy A Home NOW

1) PRIDE OF OWNERSHIP - A home is the biggest purchase most people ever make. But deciding when and what to buy is not always a financial decision alone. Pride of ownership is the number one reason why people wish to own their home. When you own a home, you can control your living environment and security, upgrade and change your home as you see fit, and create a sense of rootedness in your community. You can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future. 

2) THIS IS A BUYERS MARKET - The supply is greater than the demand which means there are more homes on the market for sale than the normal amount. This is good for the purchaser because there is more variety. The sellers are more eager to sell which means you get the best deal for your money. If you are in the market for an entry-level home, you may face stiff competition from investors. These homes saw more dramatic price declines than the higher-end houses did over the past few years.

These lower priced homes are moving quickly, so if you are a serious buyer, be ready to go by talking to a lender and getting pre-approval ahead of time. If you need to talk to a lender see Kim Moon’s information at the bottom of this article for local programs.

3) GREAT INVESTMENT - House prices tend to rise over time, so a house is one of the best investments you can make. Home prices in the U.S. have risen three percent to six percent a year for the past 20 years. That trend is likely to continue. So if you buy a home now, you have put your capital in a safe investment where it is likely to grow.

4) LOW INTEREST RATES AND FINANCE OPTIONS - According to Kim Moon with FirstBank Mortgage Partners in Huntsville…

“Low mortgage rates are one of the great reasons to purchase a home right now.  Mortgage rates are currently holding steady for Conventional, FHA, and VA loans ranging from upper 3% range for government loans to mid 4% range for Conventional loans.  This rate range, while not at the lowest point for interest rates over the past several years, does allow you to increase your buying power because they are still at a low range.  As rates start to increase, you’re buying power is affected.  Another great reason to purchase a home right now is the programs available for first time homebuyers.  We see quite a few borrowers that can manage their monthly debt, but just do not have adequate savings right now for a down payment and closing costs.  There are programs out there for this type borrower, that offer down payment assistance to people that do not presently own other real estate.  There are restrictions on these type programs, and you would just need to check with me to see if you meet the qualifications for these type programs.   It is always a good idea to see if you have the ability to purchase instead of renting.  Don’t forget that owning provides tax savings to you in regards to a mortgage interest deduction on your income taxes.”

5) IRS TAX DEDUCTIONS - As Kim mentioned, you can obtain your own tax write-off by simply paying your mortgage. How many tax deductions are you able to take each year? If you do not own a house, you are paying rent to help someone else with mortgage deductions. The interest you pay on your mortgage is tax deductible and the first few years you are paying mostly interest.

6) NO RENT INCREASES - Did you ever receive a letter from your landlord? If you are a renter, your landlord usually raises the rent each year. The rise in rental amount can be anywhere from $25 to hundreds of dollars, depending on where you live. The best way to avoid rent increases is to be your own landlord.

If you are ready to make a move and get into a new home, let us know- we would love to help!

To contact Kim Moon with FirstBank Mortgage Partners and check into your finance options:
Cell:  256-653-4858 or email: kmoon@firstbankonline.com

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Allison Chappell Headshot
Phone: 256-529-8860
Dated: May 2nd 2014
Views: 7,384
About Allison: Military Relocation Specialist Associate Broker CSP ...

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