Yes, if you do not own a home and have been thinking about it now is a good time to buy a home. First, owning a home gives you the stability to do what you want with the home. You can decorate the home anyway you desire. When you rent you are restricted by what your landlord will let you do and not do. So much for being creative with your rental.....
Second, you have stability in knowing your payments are going to be stable. Yes, there is going to be times when the mortgage is going to adjust for increases in your property taxes over the years. but, you will know when that is coming. How many times have you been near the end of a lease to have the landlord tell you the rent is goign up $50 or $100 or even more? Would it not be nice to know that your housing payment is a steady number each and every year. What if your landlord raises your rent $30 a month every year. It may not seem like a lot but in five years you just went up $150.00. Would you rather know you are paying a stable payment?
Third, what if you receive a notice on the door that the home you are living in is goign to be foreclosed upon. You have no guarantees that the landlord is paying the mortgage every month. Chances are you are living in a investment home. If times have gotten tough for them; they may need that rent to pay their mortgage leaving you looking for a home.
Couple these with historic low interest rates and home prices at 2004-2005 levels and you have a win situation in buying a home.
david diCecco
Realtor/Broker
www.davedicecco.com
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