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I have been reading all the reasons why not to buy so I thought I would throw in my two cents to the positive aspects of buying a house now.
1. Interest rates are the lowest I have ever seen
2. There are many local grant programs for first time homebuyers.
3. You have to live somewhere. Rents are climbing because of demand.
4. If you buy a house and your friend or relative needs a place to stay with you (and share the cost) you don't have to ask the landlord.
5. In many ways it is easier to buy than to rent. The expense of moving, the increase in rent, the pet deposits, the security deposits and back ground checks, the chances of the owner selling it and getting kicked out.
There are many good deals. Decide where you want to be for the next few years and get an agent to find you a good deal.
Where I live, the rental market is where the rubber meets the road, and prices are falling sharply to accomodate the lack of demand. Sellers who can't get the price they want are flooding the market.
Rubber_factory brings up an extremely good point that I think most folks are missing.
When rubber says, "At least for my local area........" and "Where I live......." are the keys to his statements.
Real estate is local-VERY local. I have noticed that most folks treat real estate as a whole, a single entity and do not look in part.
Your not buying a market-You're buying a specific property so hence your opportunity to buy/sell is very target specific.
I have been reading all the reasons why not to buy so I thought I would throw in my two cents to the positive aspects of buying a house now.
1. Interest rates are the lowest I have ever seen
And if you don't buy and wait... they will get even lower...
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2. There are many local grant programs for first time homebuyers.
Those grants have always been there, there is nothing "new" about them. They will still be there when house prices drop again..
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3. You have to live somewhere. Rents are climbing because of demand.
Increase rent versus overpaying a house... I take the increased rent cause even if it did increase, it is almost nothing compared to overpaying a house... pay an extra $25 in rent for one year and house prices drop 20k at the same time... hmm... I think I will rent...
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4. If you buy a house and your friend or relative needs a place to stay with you (and share the cost) you don't have to ask the landlord.
When a friend or relative stays with me... I don't ask the landlord (even though I am suppose to)... and 99.9% of them don't even care...
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5. In many ways it is easier to buy than to rent. The expense of moving, the increase in rent, the pet deposits, the security deposits and back ground checks, the chances of the owner selling it and getting kicked out.
Easier to buy then to rent? You are kidding me right? Have you even applied for a mortgage? Closing costs, looking for MULTIPLE lenders, traveling to 10-20 properties, homes with major renovation needed or hidden repairs that seem to crop up after you purchase a home, HOA fees, credit checks, appraisals, termite damage, water damage, old HVAC needs replacing, homeowners insurance, private mortgage insurance, flood insurance, etc. etc.
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There are many good deals. Decide where you want to be for the next few years and get an agent to find you a good deal.
Yeah, and wait a year or two and get an even BETTER deal...
Good points ellen.IMHO -Unfortunately our society has been somewhat brainwashed, for lack of a better word, into expecting something nothing, that there is no such thing as pride in ownership and hard work, and wants are far more important than needs. Some do realize that real estate can be a gamble and are willing to take that risk. Everyone could buy a house...but not everyone wants a home. And therein lies the difference,
1.) Prices continue to drop
2.) Rents are dropping in most markets, which I expect to continue for the next year or two as many who cannot sell their homes become accidental landlords, flooding the market with supply.
3.) Interest rates are record lows, but are headed toward mid 4s for 30 year mortgage.
Many people do itemize their taxes. I have done so for years, even before owning real estate. True, many below $50K per year do not itemize.
It is definitely easier to rent than own, less responsibilities, though I do prefer to own.
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Why not to buy, yet
