Wednesday, March 12, 2014

NOW is a Great Time to Buy a Home: Benefits of Home Ownership

Home Equity Rises While the Economy Continues to Improve

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Plenty of Condos for sale in UTC
A great sign of the times when Open House and For Sale signs line the neighborhood streets. San Diego Real Estate has been on the upswing for months now.

The current administrations latest Housing Scorecard from December 2013 revealed that homeowner equity rose 55 percent in a year.

The Federal Housing Finance Agency, indicates that equity is improving because home values are back to where they were in early 2005.

"The percentage of equity-rich homeowners is nearing a tipping point that should result in a larger inventory of homes listed for sale and give the overall economy a nice shot in the arm in 2014."   -Daren Blomquist, VP, RealtyTrac
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Buy a Mansion with an ocean view in the Hills of La Jolla
Among the state with the highest percentage of equity-rich residential properties is California with 26 percent, as calculated by CoreLogic. As the economy continues to improve, buyer demand should accelerate, despite higher prices for 21 consecutive months. With the median price sold in Southland at $395,000, home values remain 21.8 percent below the $505,000 median peak in summer 2007.

Benefits of Purchasing a Home in San Diego

Security - Home Ownership promotes social stability. It is where dreams thrive and the future takes shape. Where families make lifelong memories and children are nurtured so they can build a better tomorrow.

Making an investment in your financial future - with today's low mortgage rates your house payment could be lower than your rent payment!

Tax Advantage - Your real estate taxes and the interest you pay on your mortgage are deductible from your income tax (ask your Tax Specialist to advise you on all of the tax benefits of home ownership)

Financial Independence - Most people start on the road to financial independence through home ownership. your principal and interest payments remain the same for the full term of your mortgage while your rent usually goes up as the cost of living increases.

Personal Satisfaction - Homes are a place to feel secure, build a future and raise a family. Research shows immense personal satisfaction in owning a home. Through home ownership you can gain a sense of community through the neighborhood, schools and civic groups.

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San Diego View  - Mid February & beautiful weather year-round!

How much of a home can you afford?

Contact us today for our Buyer's Consultation and find out if Home Ownership is for you.

This article brought to you by Teresa Schumacher with Berkshire Hathaway Home Services California Properties.

Teresa Schumacher
PH: 619-995-2132
1299 Prospect Street
La Jolla, CA 92037