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10 reasons you should buy a home now

10 reasons you should buy a home now - 10 reasons you...

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10 reasons you should buy a home now At the peak of the housing bubble, plenty of people thought a house was the key to riches. Now they're wondering if buying a home even makes sense anymore By Brett Arends, The Wall Street Journal You can get a good deal You can get a house at a bargain price now -- especially if you play hardball. This is a buyer's market . Most of the other buyers have vanished since the tax credits on purchases expired. We're four to five years into the biggest housing bust in modern U.S. history. And prices have come down a long way -- about 30% from their peak, according to the S&P/Case-Shiller Indices , which track home prices in cities across the country. Yes, it's mixed. New York 's prices are down only 20%. Arizona 's have been halved. Will prices fall further? Sure, they could. You probably won't catch the bottom, but it doesn't really matter so much in the long haul. Mortgages are cheap 1. You can get a 30-year home loan for about 4.3%. What's not to like? These are the lowest rates on record. As recently as two years ago, they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won't see these mortgage rates again. And if we get deflation and rates fall further, you can refinance. You'll save on taxes You can deduct mortgage interest from your income taxes . You can deduct your real- estate taxes . And you'll get a tax break on capital gains -- if any -- when you sell.
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