Top 10 Reasons to buy a home NOW- Interest rates incredibly low – the rates are hovering at near historic lows. Interest rates play a huge part in the cost of housing together with the price and shouldn't be overlooked. The average mortgage interest rates for the past four decades were: 1970's 8.9%; 1980's 12.7%; 1990's 8.1%; 2000's 6.3%. Most experts agree that they're going to rise this year.
- Lower Prices - Recent price adjustments have made good values that haven’t been available in some situations for years. Current buyers are able to take advantage of the discounted prices.
- Selection is good – In a seller's market, buyers sometimes have to accept a home that may not meet their needs completely because of short supply. Inventories in most markets and certain price ranges are higher which allow buyers better choices.
- Negotiate financing concessions – FHA, VA, and Conventional allow the seller to contribute towards financing concessions for the buyer. The money can be used for buyer's closing costs, pre-paid items or interest rate buy down.
- Costs for FHA loan going up – Currently, a seller can pay up to 6% of the sales price in financing concessions but the number will be reduced to 3% later this year; the date has not been announced yet. The annual MIP for FHA loans will also probably be going up this year which will increase the monthly payment. Buyers who get in now will pay the lower fees.
- Interest and property tax deduction – the U.S. is one of the few countries in the world that allow an interest and property tax deduction for homeowner/taxpayers.
- Source of funds with deductible interest - a homeowner can borrow up to $100,000 above their acquisition debt and deduct the interest regardless of what purpose the money is used. This is a great opportunity to consolidate debt at a lower interest rate and be able to make the interest deductible that otherwise may not have been.
- Capital gain exclusion – the U.S. allows qualified homeowners to make a profit on their home without having to pay tax on the gain.
- Borrowing against equity is non-taxable event – taking money out of the equity in your home does not require recognizing capital gains income.
- The combination of reasons to buy a home may never be stronger than now.
Interest rates are going up; it is just a matter of when. Inventories are starting to be absorbed by current demand. New home construction is down considerably which could lead to higher prices due to not enough annual housing units to keep up with the population. Prices have started to climb in some markets; others will surely follow. A basic rule of investing is to buy low and sell high. There will be some buyers who take advantage of the current opportunities and will look back and remark how fortunate they were to act when they did. There will be others who look back on these conditions and say "We should have bought then." Hindsight is always 20/20. Evaluating the present and acting takes equally clear vision. The help of a trusted professional can make the difference. _________________________________________________________________ Virginia Beach Homes: Outdoor Activities in a Vacation ParadiseLocated on the sandy, temperate coast of the Atlantic Ocean, Virginia Beach homes boast sweet ocean breezes and the longest pleasure beach in the world. With 35 miles of coastline, you're sure to find your days filled with strolls on the boardwalk and relaxing hours on the sand. The beach isn't the only place this town shines, however. Virginia Beach homes for sale are located in an exciting metro area with a strong community feel. From the Virginia Aquarium and local museums to boutique shopping and fine dining, you'll find plenty of things to do and events to experience.
While the beach and the boardwalk draw people to Virginia Beach homes, there are plenty of other outdoor experiences to enjoy. You can spend your days golfing on one of the eleven top-rated courses in the area. The local scenery is perfect for biking, hiking, and leisurely picnics on the many trails and parks. If the ocean is the real draw for you, however, there's surfing, kayaking, fishing, and even camping available on the beach. With all of these activities to recommend it, it's no wonder Virginia Beach homes are considered a vacation paradise. Chesapeake Homes: History in the Heart of NatureChesapeake homes are situated near amazing natural beauty. With the Great Dismal Swamp National Wildlife Refuge just outside of town, residents and visitors find ample opportunities to experience nature firsthand. Well-known for wildlife sightings and bird watching, the Refuge provides an intriguing glimpse into how the land looked before it was settled. It also shows Chesapeake's dedication to maintaining harmony between the city and the natural world surrounding it. If you are looking for outdoor sports to enjoy as well, there is hiking, camping, biking, and golf to be had, as well as an easy drive to the Atlantic for fun at the beach.
With mile upon mile of protected forests and wetlands, Chesapeake homes are surrounded by natural splendor and amazing views. As the third largest city in Virginia, however, it is also a bustling community with tremendous national heritage and historic buildings. It's the site of Revolutionary War battles, Civil War sites, and the Great Dismal Swamp Canal, surveyed by George Washington himself. These sites provide amazing insight into the history and culture of the country. The city itself is a thriving metro area with museums, theaters, art galleries, and cultural events year-round. With all of this and more, Chesapeake homes for sale are surrounded by nature, history, and entertainment. Norfolk Homes: Water, Culture, CommunityNorfolk is situated in a vibrant metro area where the water has shaped the land and culture for centuries. From urban condos and town homes to suburban retreats, moving here means you'll be living in the middle of a dynamic community. Norfolk homes are located where the Atlantic Ocean and Chesapeake Bay meet, and both bodies of water have shaped the area. Home to Norfolk Naval Base, the world's largest naval base, maritime history and culture are alive and active in the city.
If you're looking to enjoy the water, there are cruises and ferries that can take you boating. You'll enjoy fishing, sightseeing, or just relaxing as you cruise through the blue waters. You can go waterskiing, fishing, swimming, and even crabbing on the waters, all while coming back to your Norfolk home after the excitement is done for the day. In the evening, dine at a chef-owned café and take in some theater. No matter where you turn in Norfolk, there are adventures waiting. |