Why It’s a Good Time to Buy

Many of the recent market reports are reporting that the housing market is improving. Here are a few reasons to get into the market now!

1. The Government wants to help!  First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and loans are increasingly becoming more available. Plus the new California Mortgage protection plan offers 6 months assistance if you should lose your job. Call Mary for details!


2. Leverage your investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000. Market trends show real estate cycles are about 7 years. This is a long down cycle but when it comes back it may rise fast.

3. You have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that we will always have a need for additional housing! Even if the economy doesn’t recover as quickly as we would like there will be a lot of new families looking for homes.  Compare Rent versus Buy programs to see if it makes sense for you.  When interest rates get this low you can sometimes buy for about the same price per month!


4. Prices will go back up eventually! You could have instant equity!  In many parts of the country where foreclosures and short sales have driven down prices we are close to the bottom. If the market continues to improve the price of the home you buy right now could rise quickly.

5. Mortgage payment stays the same: As long as you get a fixed rate mortgage! This is the most advised today since adjustable loans have been detrimental to many homeowners. You want to make sure your monthly payment stays the same while everything else go up. Don’t forget the tax credit. Not only the first time buyers tax credit but the deduction you will take on your income tax every year for mortgage interest and taxes.

6. Home Sweet Home: Homeownership provides the kind of freedom, stability, and security that is attainable in few other ways. Wealth accumulation through homeownership is the key to financial independence and self-sufficiency. A home is worth more than money- there’s also the heart.
Most people would still rather own their own home!

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