Top 10 Reasons why NOW is a good time to BUY a HOME
TOP 10 REASONS WHY NOW IS A GOOD TIME TO BUY A HOME
- Interest Rates are still near historically 40 year lows. I remember when I purchased my first home in 1990, 17 years ago. The interest rate on the loan was 10% and I qualified for that rate because I had a high credit score. It was not a sub-prime rate.
- Builders offer some of their best prices and incentives at year end. Builders need to reduce their year end inventory to avoid carrying them on their books into the new year. The level of discounts and incentives always decrease the first of the year.
- Resale home prices are lower during the winter months. Since there are less buyers looking to purchase homes during the winter months, sellers are more willing to negotiate. Home prices are lower during the winter months than during the summer months.
- You still have time to qualify for your homestead exemption. If you purchase and move into your Spring Texas home by January 1st of 2008, you qualify for the homestead exemption which reduces your property taxes.
- No immediate yard work required. Unlike the other times of the year, there is no yard work required during the winter months. At least that is true in Spring TX where the majority of homeowners do not even know what a snow shovel looks like.
- Buying a home is still a good investment. Appreciation occurs on the entire value of the home. Not just the portion of the home that you actually own due to your down payment.
- Take advantage of the Tax Benefits. Mortgage interest and state property taxes are qualified income tax deductions.
- Buy before your rent increases. The rental market is tightening and you will probably experience a rental increase with your upcoming renewal.
- The Spring Texas real estate market is stable. We have not experienced the rapid price appreciations and decreases of other markets. Due to our supply and demand, we have experienced slow and steady growth. There is less risk that the value of your home will decrease in our market.
- Buy before the credit market tightens further. The loan product that you can qualify for today may not be available tomorrow.