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Posted by: DotLoop, Where Deals Get Done™

Most Americans dream of owning a home, but become deterred by negativity surrounding the housing market. Rather than speak with a REALTOR about their options, they decide to continue renting –wasting money in the process.

If only such renters knew the value of owning a home is –more often than not—worth the energy spent finding, funding and maintaining it. Whether searching for homes online or speaking with a REALTOR, one begins to understand the benefits brought about by home ownership.

Real estate is considered a good investment because property value increases over a long term. Houses in particular are bound to increase in value (sometimes by a large degree) due to high demand as a result of population growth.

As home prices appreciate, the difference between the current value and what is owed can be used to establish lines of credit or acquire loans –with interest that’s tax deductible.

You’re not only invested in the place you reside, but the local community as well.  Being a memb

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If youre considering purchasing a home, you have two choices. You can build your home or you can buy an existing home. Building or buying an older home both have their pros and cons and its important to understand what each has to offer. As a Logan Realtor, Ive spent the last 10 years working with buyers who deal with the decision, and heres how I help them determine whats best for them:

Pros Of Purchasing An Existing Home:

More Land Buying an older home allows more money for a larger parcel of land. With the amount of land decreasing everyday, land is becoming more and more expensive. Buying an existing home, in most cases, will provide you with more choices when it comes to location and the amount of acreage. If youre looking for a larger lot an older home will net you more.

Price Per Square Foot Although I wouldnt recommend buying a home based solely on price per square foot, an older home will provide more space than a new home.

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I blogged before about the home renovations that I have been working on. The plan once I get my basement done up is to have an open room with my TV, maybe a small bar and poker table. I also want to have a little fitness area at the back of the room. I started to look around at stores for exercise equipment. Nothing fancy. An elliptical and some weights. The prices are crazy to buy new. That’s when I went to the free trade sites like Craig’s List and Kijiji and found some really decent used equipment that will save me a bundle. I think most people buy health equipment and then use it to hang their clothes on. A used elliptical, some free weights and a pull up bar and I am on my way to having a cheap home gym.

As a first-time home buyer, your home is one of your most valuable assets. And, no doubt buying your home was the most important financial decision you ever made.

At the time that you took out your mortgage loan, you were able to qualify for a certain interest rate. The rate for which you qualified was determined in large part by your FICO, or credit, score at that time.

Now, if more than a year or so has passed since you took out your loan, one of two things may have happened:

a. average mortgage interest rates have taken a dive
b. your credit score has improved

And, if BOTH of these things have happened since then, the situation is particularly in your favor. Why? Because this type of situation can easily translate into your being able to qualify for an interest rate that is one or more interest points lower than what you are paying right now.

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This is a tough market, home prices are down, it’s a buyer’s market… these are just some of the things we are hearing these days. Most homeowners are upside down in the home- they owe more than what the home is worth, which means that there is a chance that they will need to bring money to closing.

It’s true that homes are taking longer to sell than in the past but homes are selling. If you absolutely have to sell, then you must be realistic about the market. No matter what you think your home is worth, if buyers aren’t willing to pay what you’re asking, then you run the risk of your home not selling. The reality is that right now, buyers are determining what the market is doing.

Price is usually the main reason why a home either sells or doesn’t. If you over price then your house will sit while more reasonably priced homes sell. The longer your home sits, buyers & agents begin to question if there is something wrong with your home.

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