wil they, won't they... will YOU?

The clock is starting to tick down on the $8000 First Time Buyer Tax Credit, set to expire at midnight on November 30th. While those of us in the industry are petitioning our hearts out to have it extended, as of now there is certainly no guarantee that the credit will continue. There is of course a lot of posturing about if this Federal Housing tax credit will be extended, increased, altered, or ended, but I would encourage you to assess your own housing situation as well as that of your friends, family, or colleagues. It's a perfect opportunity for you to toot the ol' Patterson Park horn, as we are a prime-priced neighborhood for first time buyers!

Here are some points to consider or bring up with others:

1. Buying a home can save you money - You'll save on taxes because your home purchase will give you what's most likley your biggest tax deduction - the interest on your mortgage.

2. Stabilize Housing Costs - As a renter, you may be subject to rent increases with each renewal, but with a fixed rate mortgage you can look forward to the same monthly principal and interest payment as long as you own the home

3. Build Wealth -Historically, property values tend to increase over time, especially if you're looking at a 5 or more year span. In fact, as a general rule homes are people's largest concentration of wealth and their biggest asset

4. Personal Gains - Owning a home has its challenges (no landlord to call to fix a leaky pipe!), but it also has its rewards, through a sense of personal gratification and the pride of home ownership. Talk to anyone about the satisfaction they felt upon buying a home and making it their own and you'll see why "home is where the heart is."

There are many other reasons to set your eyes on home ownership or to advise those you love to do so for their own financial, lifestyle, and emotional reasons. The current market offers unprecedented opportunities for first-time and move-up buyers alike. With extraordinary inventory, historically low interest rates, and negotiable prices, this is the time to consider your best move.

love kimi


Post a Comment