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Underwriting guidelines have tightened and lenders are taking longer to approve home loans. What can you do to close your escrow on time? They Were Wrong When They Said Don't Buy a Home
By Sheryl LandrumHome Worth Columnist
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In 1996, when we were in the throes of a recession, the San Francisco Examiner stated "A home is where the bad investment is." Unfortunately, much of today's media is chanting the same tune when it comes to buying a home. In view of our current economy, is the housing market a bad investment for today's consumer?
The San Francisco Examiner ended up making a mistake when it encouraged people to not buy homes. The three years following that statement actually showed California home prices rising almost 20% in value. Those who held on to their homes actually ended up averaging a net gain of over 9% in those three years. This holds true today as well; for most of the country, your home is a great place to put your money. Not only is it one of our best appreciable assets, but owning a home has other benefits as well.
Building a nest while saving money on income taxes is one of the perks of owning your own home. Mortgage interest is one of our best tax deductions in life. Not only can we write off mortgage interest, but we can often write off property taxes and home improvement costs as well.
Today is a great time to buy a new house. With interest rates low and home sellers motivated to sell their houses, the only thing you may lose is a great opportunity to improve your lifestyle. Talk to a professional real estate agent and discover the up side of owning your own home.
Source: They Were Wrong, First Capital Marketing Flyer, November 2007
About the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage of San Diego at the Prudential Realty Office in Bonsall, California.