Real Estate Watch – Home North County Real Estate
Home Ownership: One of the Best Investments
Millennials are coming into their key buying years, starting now through 2030. The demand and desire for home ownership is high. According to a survey conducted by the California Association of Realtors, 90% of millennials say home ownership is moderately to very important to them and makes up the largest percentage of the “American Dream,” and 82% believe buying a home is a safe investment.
Owning a home is the best way to build long-term wealth and makes financial sense:
- Mortgage payments can be fixed while rents go up.
- Equity in your home can be a financial resource later.
- You can use the capital gains exclusion if you meet the requirements.
- A mortgage can act as a forced savings account.
- Tax write off – mortgage interest and property taxes.
- It is cheaper than renting in the long run.
There are so many other benefits of owning a home as well such as being able to connect with the community without the fear of needing to move, and decorating how you like!
While interest rates are projected to rise a bit over the year, they are still historically low at around 4%. In 1985, rates were approximately 12%. In 2000, they were approximately 7.5%. Home prices are set to increase this year, but slower than in the past. There are still plenty of low down payment programs available for buyers. The 20% down myth is not always true.
If you are looking to buy, sell, or lease your home, we would love to help you. We have been serving North San Diego County for over 40 years and always give a percentage of earned commissions to local charities and organizations of our clients’ choice.