5 Reasons Why Buying a Home is Still a Good Idea

You might be skeptical with the economy & the last few years of plunging real estate values, but you will probably agree with me here…

1. Homeownership can help make good credit even better. If your credit is in poor shape, you’ll want to monitor it before seeking a mortgage. But if you have good credit, live within your means, and consistently make good financial decisions, a mortgage can be the kind of good debt that helps your overall financial health. To keep check on your credit & understand it better enroll in freecreditscore.com
2. A mortgage can function like an automatic savings plan. Americans are known for how little we save. Well, every year you  pay on your fixed-rate mortgage, is a year of building equity, and equity is like money in the bank. When you are ready to sell- whether you stayed in your home 7 or 30 years- you’ll have created equity (usually a minimum of 6 years in on home.)
3. Homeownership comes with plenty of financial perks, including an income tax credit for property taxes you pay on your home. For detailed info. on tax breaks check out IRS.gov. Buying a home also affords you the opportunity to halt your housing costs. Rent will always go up from year to year, but if you have a fixed rate mortgage your biggest expense- housing costs- will be locked in.
4. Mortgage interest is a good deal when stacked up against other types of interest that don’t do much for you- such as high credit card interest rates or low rates on savings account and CDs. Mortgage rates are low right now, meaning you can pay less over the life of a loan than at practically any other time in recent history. Plus it’s the only kind of interest you can deduct from your taxes.
5. Affordability is in your favor as a buyer. We all know prices will go up & it is just a matter of time. Many reports are saying we have hit bottom. Every area is different. We would be happy to look at the figures in your area to help determine which way numbers are trending. With low inventory which is not predicted to get any better soon, the market has turned into a seller market with good buyer affordability.