To Buy a Home or to Not Buy a Home…That is the Question.
In case, you haven’t “gotten” it, I am pro-home ownership. I even changed my profession because of this passion. I spent many grueling years as a mortgage broker and loved every minute of it. My husband and I purchased our first home at a young age because we were tired of asking permission to paint, get things fixed, and having to move. Yes folks, we even had to move once because the homeowner didn’t pay the mortgage on the house we were renting. I just didn’t like having all aspects of my home in “someone elses” hands. So, have you been kicking around the idea of whether you should rent or buy your next home? Well, here are my thoughts below. Check into your personal situation and see what makes sense for you. If not right now, form a plan of where you need to be to make home ownership possible.
1) The bottom of the market doesn’t come around very often so home prices will rebound and begin increasing.
2) Mortgage rates are low. Freddie Mac showed rates on 30-year fixed-rate mortgages averaging 4.87 percent with an average 0.7 point this week, up slightly from 4.86 percent last week but down from 5.21 percent a year ago. The 30-year fixed-rate mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11.
3) Mortgage Interest is tax deductible.
4) You can make the property “your own”.
5) Your home is not in the hands of a landlord that could evict you.
A great resource is on the link below: They have some really cool tools to help you in your quest, i.e. Rent vs. Buying comparison chart, Rent vs. Buying calculator, and an affordability calcuator.
About Becky Bortzfield, Jacksonville Real Estate ConsultantRealtor of Keller Williams First Coast Realty
Posted on April 7, 2011, in Uncategorized and tagged home buying, jacksonville home ownership, jacksonville homes, jacksonville housing market, jacksonville real estate, rental market, renting, short sales. Bookmark the permalink. 1 Comment.