Because of historically low mortgage rates, consumers today are realizing their vision of living the American Dream by owning a home. Today’s homebuyers can get lower mortgage rates than their parents or even grandparents did on their first home.
FNMA recently conducted a housing survey about consumer’s thoughts on today’s market. The results were that almost 2/3 of respondents would rather buy a home than pay rent and that they believe now is a good time to buy. Half of those who responded believe that rent prices and home prices will rise.
Here are my top ten reasons you should make your dream a reality:
- In most cases, it’s cheaper than renting
- Avoid future rent increases
- Build equity with each monthly payment through amortization
- Think of buying a home as a forced savings account
- Over the years, appreciation will increase your equity and your overall investment
- Tax deductions include mortgage interest and property tax
- Home equity interest deduction
- A place you can call your own
- A place to share with friends and family
- Capital gains exclusion on profit
A homebuyer needs to show proof to the sellers when they are ready to submit a contact and the confidence that they can afford the home. To do this a homebuyer needs a steady reliable income, good payment history on their bills, a balance of money they saved for their down payment and show they are prepared to make a monthly mortgage payment. It also helps to get pre-approved by a Lender or Bank before submitting an offer.
When you are ready to start looking for your American Dream home, I can send you a list of Fairfax homes for sale or set you up with a Listingbook account which allows you ‘Insider Access’ to the MLS. You can save search and modify your criteria at any time and go back as often as you like.