Knowing When It's A Good Time To Buy
The renting versus homeownership debate has taken center stage in the headlines lately. Wall Street Journal columnist Brett Arends provided readers with 10 Reasons to Buy a Home, while readers were able to ponder those 10 reasons the same week the Today Show featured a segment weighing the pros and cons of renting and buying.
All this information can be a lot to digest for many consumers, who are weighing whether to make the most significant financial commitment and investment of their lives. But for some people, the decision to buy a home isn't so much about dollars and cents it' s more of an emotional decision based on the desire to have a home that they can call their own. And many people simply want to be their own landlord, with no worries about an expiring lease hanging over their heads.
Almost everyone expects their real estate agent to say: "It's a good time to buy!" Right now, there are several factors that make that statement especially true. Buyers have a wider selection of properties to choose from, at more attractive and affordable prices. Mortgage interest rates are historically low, helping to improve affordability even more. Additionally, homeowners can also save on taxes by deducting mortgage interest from income taxes.
Home prices have stabilized in most markets, and in the long run home values typically enjoy modest gains. According to a recent survey by Fannie Mae, a majority of Americans still believe housing is a safe investment.
For some, purchasing a home can seem like an unreachable goal, while for others it still remains their number one American Dream. To find out if buying a home is a viable goal at this point in your life, contact your local Bean Group office and they will assist you as you weigh your options.
A real estate professional can provide data on local home prices and sales, like the graph attached, and help you analyze the statistics and determine how they affect you. They can also guide you as you search for a home and neighborhood that best suits your needs.
Whether to take the leap from renting to homeownership can be a tough decision. The guidance and expertise of a Bean Group sales professional can make it much easier.