Savvy Crofton and Odenton renters are resolving to buy a home in 2009.
With prices and interest rates at their lowest point in recent years, it's hard to imagine any reason for renting other than unresolved credit issues.
If you haven't yet made a commitment to buy a home in 2009, here are my Top Ten Reasons for doing it now:
1. Pride of Ownership - You can decorate and landscape according to your own taste, on your own schedule.
2. Control of Your Own Destiny - No worries about the landlord renewing your lease or raising the rent.
3. Tax Benefits - Tax deductions for all interest and property taxes included in your mortgage payment, significantly reducing your effective monthly payment. And don't forget about the $7,500 tax credit on your 2009 federal income taxes return, provided you close before July 1, 2009.
4. More Options - Take advantage of the huge inventory of homes on the market now.
5, Less Competition - With a large inventory of homes and small number of buyers, chances are good that you won't find yourself in a bidding war for your dream home.
6. Stability - Home ownership indicates to your boss and people you supervise at work that you are here to stay.
7. Flexible home sellers - Motivated home sellers are making huge concessions in this market, including closing cost help, price adjustments, and inclusions.
8. Minimal down payment - FHA loans require only 3.5% down and permit you to accept closing cost help from the seller.
9. Rare opportunity - A unique market in which you have a rare opportunity to purchase your choice of bank-owned homes at bargain prices.
10.Low interest rate - In the 5% range for the first time in decades!
There is no shortage of rental apartments in Crofton and Odenton, as well as some privately owned homes for rent - yet it is hard to justify renting in a buyers' market. By definition, that means that economic conditions are more favorable to buyers than it is to sellers.
Contact me today to learn about the home buying process. I'll listen to your wants and needs, and work with you as long as it takes to find the right home and community for you.
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Real estate adviser and advocate for home buyers and sellers in Annapolis, Bowie, Crofton, Davidsonville, Gambrills, Odenton, Fort Meade, and other nearby communities in the D.C.-Baltimore area
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Margaret... pride of ownership is so key. And yes, rates are very low. And less competition because of more inventory, keeping yourself out of a bidding war?? What if the quality of homes are down, wouldn't more fight over the better homes? Just curious... You might also want to add that tax credit info that I wrote about earlier today. Happy New Year...
All absolutely wonderful reasons to jump into the market. For us, every move to a new base came a new house... mainly because it would be ours. We had control over our destiny in short cycles. haha
Margaret...Great post and great reasons for people to jump back into the market. I've got a similar post idea I've got to get out. At the beach working on our Business Plan. Have some great ideas and plans for the New Year!
See you soon!
Jeff - Good question about the quality of homes, but I'm fortunate to focus on communities where that's not much of an issue. As to the tax credit, I don't see that as much of a benefit since it has to be paid back and it's limited to first-time buyers. Admittedly, though, it is like an interest-free 15 year loan.
Jesse - Control over your destiny, peace of mind... many ways of sayng you don't have to worry about getting kicked out and having to move at the end of the year because your landlord decides to sell or move back in.
Thom - Have fun at the beach! I actually avoided completely all real estate during our road trip to Texas over the holidays, but I probably should have been doing some planning.
Morning Margaret,
Glad to see you made it home safe and sound. I think folks are tired of hearing "Now is the time to buy!" however I keep plugging away with the information anyway. The market forecast prices will continue falling through 2009. Many potential buyers and investors feel they should wait for even better prices. Those that need to buy are doing so. Beyond that it is hit and miss.