Real Estate

Why Now is Still a Good Time to Buy a Home

A lot of people are questioning whether now is a good time to buy a home. According to Selma Hepp, from CoreLogic, “For many households, home equity is the only source of wealth creation.” Over the last year, Texas has had an average homeowner equity gain of 54K. That’s not an anomaly because of the recent housing market. The average home price in Texas has increased by 333% over the last 31 years. Compare that to rent increases. From 1988 to now, the average rent payment has jumped from $350 a month to $1300 a month.

In other words, now is still a good time to buy. If you’re on the fence about whether or not you should purchase a property, this blog post will give you some food for thought.

The Benefits of Owning a Home

A Place of Your Own

There are several benefits that come with owning your own home. First and foremost, you’ll have a place to call your own. You’ll also be building equity in something – unlike when you’re renting and throwing your money away each month with no chance of ever seeing it again. When you own a home, you also have the opportunity to make it your own by renovating or doing other things to increase its value.

Tax Breaks

Another big benefit that comes with owning your own home is the tax breaks you’ll receive. The interest you pay on your mortgage is tax-deductible, as are any property taxes you pay. This can save you thousands of dollars each year at tax time.

Stability and Security

Last but not least, owning your own home can give you a sense of stability and security that renting simply cannot provide. When you’re a homeowner, you know that you won’t have to move unless you want to – unlike when you’re renting, and your lease is up every year or two. This can be especially beneficial if you have children who are enrolled in school; they won’t have to change schools nearly as often if you own your own home.

The Case for Buying a Home Now

As mentioned earlier, Selma Hepp stated, “for many households, home equity is the only source of wealth creation.” This is especially true when you consider the current state of the stock market and other investments. Many people have lost money because of the pandemic-induced economic downturn. But those who own their homes have actually seen their equity go up thanks to low interest rates and increased demand in the housing market.

What’s more, experts predict that prices will continue to rise. If you’re thinking about buying a home, now is most definitely the time to do it – before prices start going up even more.

Homeownership may not be for everyone, but if it’s something you’ve been considering, right now is still a good time to take the plunge and buy your first (or second) property!

If you’ve been thinking of buying (or selling and using the equity in your current home to buy), message me and I’ll work with you to make a plan to purchase a home so you can begin building equity in something that will one day be yours outright.

You can find me and more things real estate on Instagram at Linda Goff – REALTOR® (@whereweabide) • Instagram photos and videos