Article by: Robert Freedman, senior editor, Realtor Magazine, 9/10/2010
A piece in the Wall Street Journal took issue with a recent Time cover story calling into question some of our most cherished beliefs about homeownership. Much of what the Journal talks about isn’t new. In fact, it recites benefits of homeownership that you already know better than anyone. But in pulling them together in the way it does, it makes you realize just how compelling homeownership is from just about every standpoint. If you haven’t seen the piece, by Brett Arends, here’s a thumbnail sketch of its 10 points:
Why is now a great time to buy?
1. You can get a good deal. Prices are down 30 percent on average. They’re at a level that makes sense for people’s income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.
8. It’s forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.
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Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate(618) 355-5824---
O'Fallon IL Real Estate, Condos, Homes for SaleSwansea IL Real Estate, Condos, Homes for SaleBellville IL Real Estate, Condos, Homes for SaleScott AFB PCS Relocation---
# posted by
Bryan Vogt @ 11:47 AM
What is a short sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Why is the number of short sales rising?Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for a mortgage sooner after they get back on their feet financially.
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Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate(618) 355-5824---
O'Fallon IL Real Estate, Condos, Homes for SaleSwansea IL Real Estate, Condos, Homes for SaleBellville IL Real Estate, Condos, Homes for SaleScott AFB PCS Relocation---
# posted by
Bryan Vogt @ 2:18 PM
#5 Skip the bottled water
Use a water filter to purify tap water instead of buying bottled water. Not only is bottled water expensive, but it generates large amounts of container waste.
Bring a reusable water bottle, preferably aluminum rather than plastic, when you are traveling or at work.
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Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate(618) 355-5824---
O'Fallon IL Real Estate, Condos, Homes for SaleSwansea IL Real Estate, Condos, Homes for SaleBellville IL Real Estate, Condos, Homes for SaleScott AFB PCS Relocation---
# posted by
Bryan Vogt @ 10:45 AM
$259,900
MLS# 4000118
You must see this well maintained 3 bedroom 3 bathroom 1-owner ranch, built in 2005 on a quiet cul-de-sac just minutes from SAFB & I-64. Enjoy city amenities with country living, such as a 58 acre park within walking distance. You’ll love the family room with vaulted ceiling plus dual-fuel fireplace. You have the option to dine in the kitchen nook or formal dining room. Convenient laundry rooms are on both the main floor and in the finished basement. This home has an Insulated oversized 3 car garage measuring (24x33) so no more scraping car windows or getting wet unloading groceries. The master bedroom features a walk-in closet plus attached bath with garden tub, separate shower, and linen closet. An efficient floor plan offers the popular split bedroom layout, and comes with a high efficiency furnace, low-E windows, and custom closet shelving throughout. Home features a truly dry basement with 9’ foundation walls, bathroom, massive game room, fitness room, storage room, and custom built wet bar including clear ice maker, microwave, & refrigerators.
http://bryanvogt.com.idxre.com/idx/listings.cfm?cid=4294&pc=MLS&sr=1&gsr=1&sb=pd
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Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate(618) 355-5824---
O'Fallon IL Real Estate, Condos, Homes for SaleSwansea IL Real Estate, Condos, Homes for SaleBellville IL Real Estate, Condos, Homes for SaleScott AFB PCS Relocation---
# posted by
Bryan Vogt @ 10:40 AM
#4 Eat Smart
If you eat meat, consider one meatless meal a week. Meat costs a lot at the store and is even more expensive when you consider the related environmental and health costs
Buy locally raised meat, eggs, and dairy whenever you can. Purchasing from local farmers keeps money in the local economy.
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Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate(618) 355-5824---
O'Fallon IL Real Estate, Condos, Homes for SaleSwansea IL Real Estate, Condos, Homes for SaleBellville IL Real Estate, Condos, Homes for SaleScott AFB PCS Relocation---
# posted by
Bryan Vogt @ 11:47 AM