Should I Buy Now or Continue To Rent?

I recently was reading an article that asked the same question. I hear a lot of people say they are not sure if it is advisable to buy now. Consider the first sentence of the article I read stated "The average home owner is worth 35 times more than the average renter". That is a large difference in net worth.

The market conditions and economy have scared a lot of people from experiencing the joy of home ownership. But you should be looking at the other side of the coin in this as well. Owning a home has a lot of benefits that renting does not provide. You can build equity in your home, You receive tax benefits and it becomes part of your retirement portfolio. But the best reason may be; the possibility of getting a better deal now then you ever could.

According to the National Association of Realtors, the affordability of homes is better now than it ever has been. They concluded that as of December 2009 homes were more affordable than any other point since they began tracking such numbers in 1970. The numbers mean that the median income family can afford more of the hiomes on the market today than ever before. So, it means your choices out there have grown and you do not have to settle for that one or two homes that were within your price range.

I recently had a client who was a first time buyer that went through this. They thought for what they wanted and where they wanted to live it would be like finding a needle in a haystack. When we got done with their wish list and area they wanted to live; they were astounshed to find there was over 30 homes that fit their criteria in their budget.

Mortgage rates are at historic lows. That coupled with the influx of short sale homes and foreclosures on the market has made it very affordable for people renting to experience home ownership.

Let's not forget that if you find a home and agree on terms by April 30, 2010 and close by June 30, 2010 you can receive up to a $8000.00 tax credit in addition.

Looking for that first home in the Charlotte area? Not sure what you can afford or if the home you want exists? Give me a call and let me put my 15+ years of sales expeince to work for you.

Dave diCecco
Realotr/Broker
www.davedicecco.com