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We recently read a great article from the FMLS,
filled with things for us to remember in
TODAY'S REAL ESTATE MARKET.
We'll try to sum up what we learned here:
1) Conventional Financing is available with no problem to people with good credit, as it should be. Also FHA has changed some of their criteria and loans are on the rise.
2) Today's interest rates are historically low, as is inflation.
3) It's a great time to get a really good deal in the marketplace right now. There are foreclosures, short sales and distressed sellers at every price range and in every area of the city.
4) Did you know that a home's value typically doubles every 10 years? What a wonderful long term investment. Over the last 30 years, homes have appreciated an average of 6.6% per year. If you've lived in your home for 2 of the last 5 years when you sell, you can keep your capital gains tax free. What a great investment!
5) Look at the return on your money compared to your actual initial investment. Many homeowners invest little if anything towards the down payment when they purchase a home. This is the POWER OF LEVERAGE!
6) The winners in this game are those who look at Real Investing for the LONG TERM.
5) Home equity is the largest single source of wealth for most Americans.
6) So, INVEST IN REAL ESTATE, put down your roots, make your house a home and enjoy your investment.
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