July 13, 2009
No comments »
Interest and property taxes associated with mortgages are tax deductible. The money you spend on rent is not text deductible. If you are going to own your home for 1-2 years, then keep renting because owning a home comes with high upfront closing cost that will not be recovered in the two years.
Every time you are paying off the mortgage, you are increasing your own equity. When you rent, you are helping the landlord increase his wealth while you have no stake in the house or the apartment.
On average if you are paying $1000 a month in rent, you are spending $12,000 a year and have absolutely nothing to show for it afterward. That same $1000 spent paying off a mortgage can be deducted from your taxes, and adds value to your net worth while the government gives you an added bonus in tangible cash. How many more reasons do you need to start really thinking about owning a home?
July 11, 2009
No comments »
The home sales improvement is largely attributed to lower prices and a favorable tax credit for home buyers. Single family homes were 3.6% higher in June 2009. It is an early indication that the housing market is ready to see a turn around.
http://www.bizjournals.com/milwaukee/stories/2009/07/06/daily85.html
No comments »
High priced home over seven figures – $1 million or more are struggling to be sold. San Joaquin County has seen these million dollar homes fall 50% in price since the real estate bubble, and first time buyers are not ready for the high end real estate market. Also, jumbo loans are much more expensive and harder to secure.
Zillow.com prices these homes too low, thus creating an unusual dilemma where the buyers expect a much lower price and the sellers expecting a price according to the actual worth. The conditions create an illiquid market for the high end homes.
http://www.recordnet.com/apps/pbcs.dll/article?AID=/20090711/A_NEWS/907110323
No comments »
Santa Cruz’s median real estate prices has risen to $483,000 from $425,000 in May. Buyers are coming back and becoming homeowners. The only worry that has yet to come is the pending commercial real estate meltdown.
http://www.mercurynews.com/centralcoast/ci_12815473
July 10, 2009
No comments »
