People buy homes for many reasons. Space, privacy, to be close to family and friends, or to find a sense of community, are some of the emotional reasons people buy a home. Logical considerations include tax breaks, proximity to transportation, work, and amenities, and the chance to invest; but 75% of new buyers jump in because they want to own rather than rent according to the National Association of REALTORS®. They would rather build equity for themselves than for someone else.

Buying a home is risky. Prices could fall, but the market and interest rates have been low for so long that chances are that they are only going to go up. Researchers at the Center for Economic and Policy Research conducted a study that shows right now is a great time to buy an affordable home. Within four years, your home will build equity and when you sell you get money back, which is not possible if you
are renting.How can you know if this is the right time for you to buy?

Houses are Priced Right

You’re the only one that knows what your finances look like. Talk to your lender and see how much you can get towards buying a home. Then you can work with a real estate agent to find neighborhoods and homes that are within your budget. When you compare your monthly rent with the amount you would make on your house payment, property taxes, and hazard insurance, you may be pleasantly surprised.

The Time is Right

Buying a house is a huge lifestyle change. It goes right along with having a family and becoming a productive member of the community. If you want the perks that go along with home ownership, it’s a good time to buy.

Incentives are Right

Mortgages are the best kind of loan you will ever get, because it’s the cheapest loan you will ever get.
Add that to the fact that home ownership is a great investment. You can also deduct your mortgage interest rate and property taxes from your income taxes. If you sell your home after two years you won’t pay capital gains on any