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Why Buy Now? – Top 10 Reasons Why Now is a Good Time to Buy That Home

Now is the best time to make the "American Dream" a reality.

For those considering whether or not to purchase a home, there are number of factors indicating that now is a great time to buy. Despite the media chatter declaring real estate a risky endeavor, we are actually experiencing what could be one of the best buyers’ markets in recent history. So, for means of investment or residency, property searchers are taking note and experiencing the advantages of favorable conditions.

Still on the fence about taking the plunge? Here are the top 10 reasons why now is a good time to buy that home:

 1.  Low Interest Rates – Mortgage rates are historically low for conforming loans. With lower rates, a buyer’s financial power is significantly increased. Even half of a percent can make a noticeable difference. For example, on a $200,000 home, half of 1 percent could save the homeowner about $815 a year. Buyers can get more home for the money, which is a perfect scenario for families looking to upsize.

2. Choices, Choices – There is a tremendous selection of properties currently available and more and more buyers are seeing the opportunities that exist. Remember, as more purchasers enter the market, many of the best values will be gobbled up first. This is an opportunity for you to purchase that dream house your family has always relished. You can find it HERE.

3. Rent vs. Buy – Think it may be a better idea to rent instead? When you rent a home, all of the money you pay in rent goes to your landlord to pay their mortgage. It does not allow you to accumulate any type of asset for yourself. However, when you buy a home, the money for the mortgage payment actually goes toward something that is tangible and belongs to you.

4. Negotiation Room – Due to the large number of homes on the market, sellers are far more willing to negotiate in terms of price as well as many other concessions. Some sellers are even willing to pay a portion of the buyer’s closing costs; a real boon to first-time home buyers.

5.  Prices Scraping Bottom – It’s difficult to know whether prices are as low as they’ll go, but the housing market is showing signs of life. This is your opportunity to find the areas best values. For help, check out our Best Opportunities section for the most aggressively priced homes in the area.

6. Tax savings – Renting a home does not provide you with any opportunities to save on your taxes, but owning a home certainly does. The interest you pay on your mortgage payment every month is tax deductible. 

7.  Equity Forthcoming – Sure, prices are scraping bottom right now, which means when prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

8.  More Space – You may very well find that in today’s buyer-friendly market you can afford a larger home for the same—or less—as what you are currently paying every month in rent. If you dream of having a home office, starting a family soon or expanding your family, now could be the best time to get the additional space that you need for the right amount of money.

9.  Move-in Condition –  Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.

10.  Home Pride – Home ownership gives you and your family a sense of stability and security. It’s making an investment in your future.

  • User Gravatar Delaware Rental Communities
    March 30th, 2011

    It is great if you are able to buy a home at this point in time; however, when the real estate bubble burst homeownership became next to impossible for most people. All the sub-prime loans that were approved regardless of the underwriting results forced many people into foreclosure and caused the requirements to get a home loan extremely hard to meet. With the real estate market in such volatile shape, more people are opting to rent and save some money instead of buying. Even current homeowners are throwing up the for sale signs in order to move into rental properties. Many people still believe that renting is like throwing money away; however, I would rather rent for a year and save money than to have my house forclosed on. Just a thought!

    Leah

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