1. Government assistance is available. Any home buyer who has not purchased a home within the last three years is currently eligible to receive up to an eight-thousand dollar tax credit. Current interest rates are at record low levels, and the Federal Reserve Bank is ongoing in their efforts to make home mortgage loans more readily available.
2. You have to live somewhere. Approximately eight-hundred thousand new households are formed in any given year in the United States. Given this history, the housing market will tighten up, even if the economy does not make a speedy recovery.
3. When home prices do increase, you will have earned instant equity on the home. In foreclosure-ravaged markets in the country, home prices have been driven way down. Better economic times will the price of the home you purchased will quickly increase.
4. Mortgage expenses remain the same. If you apply for and are given a fixed-rate mortgage, the monthly payment on that loan remains the same. Rent will increase over time.
5. You own the property. The notion that you own the home can be comforting. You as the owner are able to do what you want with the place. You can paint it whichever color you choose, build a playhouse for the kids in the back yard, or plant the flowers of your choice in the front.
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