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Yesterday is always the best time to buy real estate. There can be little advantage in waiting for today to become yesterday, which is why real estate professionals repeatedly tell you that NOW is the best time to buy real estate. Every economic factor suggests that there will continue to be a housing shortage in the United States for many years to come. Population growth and the formation of new families continue to outstrip the growth in the housing stock, and new construction has consistently failed to meet the estimated housing need. This housing squeeze was one of the key factors responsible for keeping home prices at historically high levels despite high interest rates! Today, declines in the cost of mortgage funds has only increased the upward pressure on housing prices. If you qualify for a loan today, there can be no advantage in delaying the purchase of real estate.
If interest rates continue to decline, homeowners with variable rate mortgages will benefit from both lower financing costs and the probable appreciation of their equity. What if rates stay the same or go up? Ask yourself if you will still be able to buy. Even if you can afford to delay your purchase, you will lose all tax benefits and other advantages of home ownership while you wait.
Consider these facts:
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Real estate is still one of the best single vehicles in this country for accumulating individual wealth.
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Residential property continues to appreciate while many other investments mark time or decline. A well-chosen property is still one of the best investments you can make to offset inflation.
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Real estate is still the only investment where the ordinary person can take advantage of large amounts of borrowed capital - and the leverage that comes with it. |
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Federal income tax policy still provides a substantial subsidy for home-buyers. Income tax deductions for mortgage interest dramatically lower the true cost of "expensive" mortgage money.
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A home still has shelter value. Part of your investment funds comes from money you would spend anyway - and lose if you were paying rent.
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Owning your own home still provides all of the powerful satisfactions that have been a part of the American dream for generations: A tangible stake in your community and the sense of belonging which it brings, greater safety and security for yourself and for your family, freedom from the requirements and whims of landlords, and freedom to live your own life in the surroundings of your choice. |
The number of ways that you can buy real estate today is astounding. It is often helpful to have a tour guide to lead you through the winding streets and warn you of the pitfalls.
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