Is It Still a Good Idea to buy a Home?

The National Association of Realtors announced last week that existing-home sales in July had fallen to 25.5 percent from the previous year. Some might also remember the federal tax credit, which ended last summer, that could have artificially inflated home sales numbers. With that tax credit gone and unemployment still high, you might wonder if it is a good idea for someone to buy a home in this market. Here are some good reasons why it is always a good idea to invest in the American dream. Right now interest rates have fallen to about 4.5 percent, down from about 5.5 percent in the past years. With people locking in these lower rates they could save anywhere from one hundred to five hundred dollars off their monthly mortgage payments. When you do buy a home and you are paying money into the principle of the loan you are effectively forcing yourself to save money through investing the equity in your house. So this investment is like a savings account that you can access later in life which is something a lot of people might have a hard time doing without the incentive of a monthly mortgage payment. Another benefit to owning your own house is the avoidance of difficult landlords who may sell the house out from underneath you just as you have moved in and gotten comfortable. When it comes to your home it is never advisable to be at the mercy of others.

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