In a recent company newsletter of Wells Fargo, there was a feature by David Bach, financial coach and #1 bestselling author, giving seven reasons to buy in today’s market despite news reports of a slump. According to Bach, the main reasons why you should ignore what the news is telling you and purchase a home anyway is:

1. Homeownership is a solid long-term investment. While up front this may seem like a huge financial burden and responsibility, being a homeowner provides you with a new level of financial well-being that renting does not. As Bach says, “It’s probably the smartest investment you will ever make during your lifetime.” This is because, historically speaking, the housing market has been making consistent gains since the ’50s.
2. The IRS gives big advantages to homeowners. Owning a home can be a huge write-off when it comes to tax time. Start receiving more money in April by deducting mortgage interest rates, property tax and more.
3. Generally speaking, home values are still rising. Even though 3.2% rise in home prices in 2007 is almost half of the 6.0% annual average of appreciation, the prices of homes are still increasing. You will be able to sell your home for more than you paid for it, no problem.
4. What the market is doing nationally is irrelevant to you. Realize that real estate is not a national market, it is local. Just because the nation is experiencing a slump in the housing market does not mean that the city you live in is also suffering. Many real estate markets have continued to be booming throughout the recent national recession, like Washington, Utah, Montana and Wyoming. Ask your Realtor or do the research to discover the job growth in your area, what the current listing prices are, the local housing inventory, etc.
5. Buying opportunities have improved. There is absolutely no question that we are in a buyer’s market. This means that you have a wide variety of available homes at your disposal, and you do not have to settle on a less-than-perfect home. Also, mortgage rates are extremely low right now, helping your monthly mortgage payment be as low as you can get it.
6. You don’t have to worry about timing the market. Go ahead and get in the game. Stop waiting to perfectly time the market so you get the absolute lowest cost of a home. You are ready, so take the plunge, the more time in the market the better off you are financially.
7. Smart home financing options are still available. There is a wide variety of options out there for mortgaging. Find someone you trust and ask around. Your Realtor will be able to guide you with great suggestions and information, and probably can refer you to a mortgage loan officer. When doing business with this person do not be afraid to ask questions.

The gist of these seven reasons to purchase a home is that it is a financial investment that is smart and guaranteed to appreciate over the years. Homeownership is a sign of wealth and financial gain in American families, and right now is an opportune time to take the plunge and invest in your future. In many situations, families have been able to find a home that is comparable to the monthly rent payment. Statistics and history are on your side, make the smartest invest of your life by purchasing a home and bidding farewell to rent payments.

Considering buying a home? Visit 1010 Midtown in midtown Atlanta or call 404-815-4622.

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