Now is the time to buy - Top 10 Reasons Why

This week I will be posting the 10 best reasons to buy right now. I hope you enjoy! As always, please contact the Joel Faircloth Realty Group with any questions.

10.) The news is bad…for a reason.

Quick…which is the more exciting scenario?

A man walks down a flight of stairs, sometimes pausing or retracing his steps until he reaches a floor. After trudging around for awhile, he notices another staircase and begins ascending, occasionally pausing or taking a step back before methodically proceeding upward. A second man hurtles down a terrifically high flight of stairs. Ignoring the safety railings, he runs recklessly downward, dodging obstacles in his path as he goes. He suddenly cries out as he loses his footing, sails through the air, tumbles down several flights of stairs in a spectacular crash. The badly injured man has vital signs. Experts debate his condition but agree that the situation is dire and prospects for recovery are uncertain. …and that’s why more headlines say “Home values off the cliff in Phoenix, Miami and Las Vegas” than “Things aren’t bad in Seattle, Portland, and Charlotte.” Most readers just find sensational headlines more interesting. And while they may help sell newspapers, they also scare buyers to the sidelines, thought the news may be very positive for home buyers in particular.

9.) Uncle Sam wants you…to be a homeowner! Wouldn’t it be great if the government kicked in some money to help make home ownership more affordable? The Government passed an $8,000 tax credit (you DO NOT have to pay this back!!) for first time home buyers. In addition, because of deductions on mortgage interest and property taxes, the practical effect is that the government is subsidizing your home purchase. In fact, home ownership provides two of the best ways to reduce your tax bill.

8.) Long term, owning usually beats renting In recent years, the cost of buying a home in most markets has increased while the cost or renting remains flat. But its never a good idea to base long-term investment decisions on short-term conditions. If you decide to rent instead of purchasing a home, you may be in a bad spot if the cost of rentals in your area shoots up. Typically, a weak housing market corresponds with a strong rental market. If the rental market is strong in your area, it may indicate weakness in the local housing market, which typically favors buyers over sellers. When you buy a home with a fixed-rate mortgage, you can lock in a predictable monthly payment for 15 or 30 years. That means the largest part of your housing costs, principal and interest, are fixed. For some people, that stability,along with the sense of community that comes from being a homeowner, is enough to tip the scales to home ownership. If the monthly cost of buying vs. renting is comparable, you may consider some related factors to help you decide. When you rent, your landlord receives any appreciation and tax breaks associated with owning the property. If you plan on any significant remodeling buying may also be preferable to renting.