Posted on Dec 28th, 2011 in Home Buying
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Is 2012 your year to become a homeowner? Most people who choose a New Year’s resolution typically pick a goal to achieve or habit to break, but 2012 may be the year that they resolve to buy their first home.
The reasons for first-time home buyers to invest now just keep adding up. Setting goals and adopting good habits, such as saving more, reducing debt and improving credit scores, will put first timers in a good position to get what they want in the New Year.
Here are 10 reasons to invest in real estate in 2012:
- Purchasing a home is far more economical than renting. In fact, according to a Coldwell Banker Real Estate survey conducted in April 2010, 53 percent of single homeowners reported they purchased a home because it was more cost effective than renting in their area.
- Greater variety from which to choose: single-family homes, condominiums, town houses, new construction, and existing homes.
- Mortgage interest rates remain at historic lows.
- Opportunity to buy a home today for yesterday’s price.
- Updated programs from the Federal Housing Administration that help make buying a home more secure and accessible.
- High volumes of Real Estate Owner (REO) properties on the market make it possible to buy a bigger and better home at a lower price.
- New and improved research tools and technologies make finding the right home in the best location an easier and enjoyable task.
- A willingness on the part of sellers to negotiate with buyers on more than just price, such as home repairs and moving dates.
- Historically positive home appreciation rates decade to decade.
- More than simply a place to live, owning a home is a smart investment. The Federal Reserve’s Survey of Consumer Finances has consistently found that those who own a home amass greater wealth than those who rent.
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