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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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