Top 10 Reasons to buy a Home

“Enough with the doom and gloom about homeownership.”– WSJ 9/16/2010

The Wall Street Journal on September 9, 2010 printed an article on the 10 reasons to buy a home. I thought it would be advantageous for those people sitting on the fence to elaborate on each point made by the WSJ.

1. You can get a good deal.
Houses on the market or inventory are starting to dissipate but it remains a buyer’s market. The first half of 2011may be the last “best opportunity” – at least for this decade to buy a home when everything is aligned in favor of the buyer.

2. Mortgages are cheap.
Mortgage interest rates have been historically low for the past two years. Mortgage rates are inching over 5% and trending up. Many experts continue to predict that interest rates will continue to rise. The house you would consider buying today will COST you more on a monthly basis if you wait later in the year. The rise in mortgage interest rates will have a greater impact on your monthly budget than the benefits of waiting for another sales price drop.

3. You can save on taxes.
Real estate taxes and mortgage interest rate deductions remain a significant tax benefit in owning your own home. Talk to any homeowner or your accountant to understand the tax benefits of owning a home.