An Exceptional Subject and Several Things to Consider
Ever drive past a gorgeous house and think, someday I'll be able to afford that? For those of us who haven't quite found (or begun paying) on that house we want to grow old in, here are a few tips to capitalize on that dream.
What most people who are looking to buy a home for the very first time today don't realize is that there has not been an opportunity this good for a low rate mortgage since before they we're born. When you look at the historical trending of mortgage rates, you will see that rates have not been this low for over 35 years.
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But even if you set aside the insanely low interest rates, there's still the fact that property values are near post-market lows as well. While this is bad news for existing homeowners, it is fantastic news for home buyers. In many regions of the country, home values are significantly lower than they we're just five years ago. And even if you already have a house, buying a second one may not be a bad idea. As one story goes, individuals are investing in an extra house as a second home or investment property, with the thought process that they will sell it and make a profit in a few years. The old adage is often true -> a deal as sweet as this does not last long. Buying a home is certainly an option that is being explored by many to make money as a sound investment in this economy.
Additionally, and this applies directly to those first time home buyers, the government is giving incentives to buy homes. You could get up to an $8,000 tax credit just for being a first-time home buyer. While last years tax credit of $7,500 was like an interest-free loan, this years never has to be paid back. Its free money for an already great investment. .
So while everyones wondering what the best stock to invest in is, many are missing a great alternative investment as the market recovers.. buying a home. Its the classic example of buy low, sell high. For existing and future homeowners alike, buying a house today, and selling it down the road could easily pay for your kids college, retirement, whatever. Its the perfect storm: low mortgage rates, affordability, great housing supply, and a historically proven investment.
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Posted in Real Estate Post Date 10/15/2015