There are a few things to consider to help determine whether you should buy a home now during this buyer's market. There are a multitude of reasons to buy now with the attractive interest rates that are at record lows; a wide selection of homes on the market at competitive prices;and there are new federal tax incentives available to certain home buyers for a limited time.
First-time home buyers can receive tax credits of up to $8,000 and $6,500 for some repeat buyers for homes under contract prior to May 1, 2010 and purchased before July 1, 2010.
Deductions are often available for the mortgage interest and real estate taxes paid each year on your home and also savings on federal income taxes for years to come as well. These savings can add up significantly for homeowners over the years.
Owning a home provides more benefits than renting a home. Overtime, a home builds equity and you will receive a return on your investment when you sell due to the fact that housing historically appreciates after long term. There is no return on your investment when renting. With a fixed-rate loan, your monthly mortgage payment remains the same as where monthly rent can be increased each year.
Besides, being a good investment, home ownership also provides a place to raise our family and creates lifelong memories.
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