Monday, May 2, 2016 / by Sonya McVeay
Buying vs. renting your home
Is now the right time for you to buy a home? You have many options to consider and choices to make. Buying a home is a big responsibility, financially and emotionally,but, most people want to own a home.
Home ownership often is referred to as "the American dream." Why is it so special?Among the reasons: Real estate often is an excellent investment,perhaps the number one source of wealth building for families.Owning a home has many benefits. When you make a mortgage payment, you are building equity and that's an investment.
Owning a home also qualifies you for tax benefits that may assist you in dealing with your new financial responsibilities such as homeowners' insurance, real estate taxes, and upkeep, which can be substantial. But given the freedom, stability, and security of owning your own home, they are definitely worth it! Owning your own home ...
Thursday, March 31, 2016 / by Sonya McVeay
Three ways to ease your fears about making a move
With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one. This can be a real problem, but if you are seeking to sell—whether to upgrade or find a new neighborhood—there are a few ways to combat the low inventory.
Look to buy first In most markets it is a real mistake to put your home up for sale before you start looking for your new property. Identify the geographic area where you are interested in buying. Even if you don't see anything on Zillow, it doesn't mean you can't or won't find the right home.
Think outside the box Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighborhoods in the geographic areas where you want to live. The letter should be heartfelt and pe ...
Monday, March 28, 2016 / by Sonya McVeay
Don’t forget about homeowner tax breaks
One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional, it’s important to take advantage of those breaks!
Mortgage Interest Deduction: Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away!
Home Office: There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a very large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a little extra work, but can make a big difference in your tax ...
Wednesday, March 23, 2016 / by Sonya McVeay
According to Trulia’s last Rent vs. Buy report, buying remains cheaper than renting nationally. Indeed, for Millennials, buying is an average of 23% cheaper than renting. And buying continues to be cheaper in 98 of the 100 largest U.S. metro areas, according to Trulia.
But that’s not the perception, according to Freddie’s study. And even renters who said they planned to buy in the next three years said they faced significant hurdles, most notably affording a down payment, credit history, insufficient income and carrying too much debt.
Wednesday, March 16, 2016 / by Sonya McVeay
Study Again Finds Homeownership to be a Better Way of Producing Wealth
Is it better to rent or buy a home in today’s housing market?
Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index is a quarterly report that attemps to answer that question, here's what their latest finds say,
The index examines the entire US housing market and then isolates 23 major markets for comparison. The researchers use a “'horse race' comparison between an individual that is buying a home and an individual that rents a similar quality home and reinvests all monies otherwise invested in homeownership.”
Ken Johnson Ph.D., Real Estate Economist & Professor at Florida Atlantic University, and one of the index’s authors states:
“The nation as a whole is in buy territory. Continued near record low mortgage rates, unsteady stock market performance, and rents (on average) now out pacing the cost of ownership (maintenance, taxes, insurance, etc.) all com ...