Living the American Dream - Why Now's the Time to Own
By Keith Loria
From building equity to tax breaks—and even living a happier and healthier life—the perks of owning a home are myriad. And thanks to low interest rates and housing price drops, the American Dream of homeownership is more attainable than ever before.
Aside from simply wanting a great space to call your own, there are many reasons to buy a home today, the most important of which may be price.
From coast to coast, there is tangible evidence pointing to the fact that the real estate market is recovering, causing home prices—and mortgage rates—to rise. Bidding wars are returning, making it more challenging to simply swoop in with a close offer and buy a home. In fact, the longer one waits, the more they may be paying for both the house and the interest rate.
While mortgage rates aren’t where they were earlier in the year, they’re not too far removed from the historic low rates that made headlines across the country. Now’s the time to shop around for a mortgage and take advantage of the low prices while you can. If you put off buying a home for a year or two, it could cost you tens of thousands of dollars in the long run.
Then there’s the availability factor. According to the National Association of REALTORS®, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing. Available houses are dwindling, and you’ll have a better chance to find your dream house if you act sooner rather than later.
In addition, owning your own home means building equity and creating a stronger net-worth. Plus, in most cases, the longer you own a home, the more value it will have. You can also do what you want with it. As opposed to renting, you’ll no longer have to worry about painting walls or adding fixtures.
Owning a home will also do wonders come tax season. Be sure to talk with your accountant about the tax breaks available to homeowners, such as deducting interest on your mortgage and getting deductions for energy-saving upgrades.
Studies have shown that those who own their own home live a happier and healthier lifestyle as well. In addition, children of homeowners are more likely to graduate high school. Plus, the neighbors you meet are more likely to become permanent friends.
The perks of owning a home are myriad and now is a great time to jump into the market. If you’ve been questioning whether or not it’s time to get off the sidelines, make the leap and you’ll be happy in your own home before you know it.
To learn more about the benefits associated with homeownership, contact our office today.