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Most first time home buyers have listened to the advice from friends and family. Many encouraging you to buy a home. Often you still wonder if it is the right thing to do. The more you think about it the scarier it becomes, but reservations are normal. Here are five huge reasons that you should buy a home now. Income Tax Savings: The government subsidizes your home purchase. It allows you to fully deduct all of the mortgage interest and property taxes paid through the year on your tax return. Home ownership is an incredible tax shelter that can save you thousands on your taxes. Savings for The Future: Every month a portion of your payment goes to principal reduction of your loan. As your loan balance gets smaller, your equity grows. Homes also typically appreciate in value when they are kept up. It depends on your location, but appreciation historically averages about 5% per year. Many people view owning a home one of the best financial decisions and a hedge against inflation. Plenty Of Inventory: The U.S Department of Housing and Urban Development reported that inventory of homes on the market at the end of the fourth quarter in 2006 was 3.5 million. That was a 23% increase from the fourth quarter of 2005. This is great news for home buyers as with the increased supply you have increased opportunities to find the right home with all the features you want. Two Words – Buyers Market: The housing market has peaks and valleys. Right now we are in a buyers market with homes staying on the market longer periods of time before they sell. That gives negotiating power to the home buyer. It is a chance for home buyers to negotiate closing costs, home warranties and other concessions from the seller. History shows that it will not always be that way and the market will swing back. The time to buy is now! The Pride of Ownership: This is undoubtedly the number one reason people buy homes. They want the freedoms that go along with home ownership. That means you can paint the walls any color you desire, you can make changes to fixtures and decorate to your taste. It gives your family a sense of security and stability knowing that you no longer have to move every year. You are making an investment in your future.
Article Source: http://www.philvault.com
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