The Blog House

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1) Deals, deals, deals. There are a ton of homes on the market with plenty of desperate sellers. The mainstream media is involved in a blitz talking about how bad the housing market is. This has got everyone sitting on the sidelines. That is why right now is the perfect time. Don’t wait for the media to get distracted talking about something else. People will start buying and prices will go up.

2) Interest Rates. Rates are low and they are not likely to get much lower. Bankrate.com says:

Fixed mortgage rates remain the most attractive option for borrowers. Just three months ago, the average 30-year fixed mortgage rate was 6.71 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,291.88. Now that the average conforming 30-year fixed rate is 6.29 percent, the same $200,000 loan carries a monthly payment of $1,236.64.

3) Income Tax Savings. You can deduct all of the mortgage interest and property taxes paid through the year on your tax return. Home ownership is an incredible tax shelter that can save you thousands on your taxes.

4) Rent Prices Are Going Up. Buyers that have been denied mortgages are increasing demand for the Salt Lake City rental market. Looking at houses for rent, there is a 4 bed 2 bath house in Highland Park asking $2400. And there is a 4 bed 2 bath remodeled house asking $324,900. If you got a 7% 30 year loan for $324,900, your payment would be close to $2161.57. Less than rent. Go to this salt lake city real estate website to search for homes.

5) Freedom of Home Ownership. When you rent you are restricted in what you can do. No knocking down walls to open up the kitchen. No water features in the back yard with large fish.  No theater room.