Homeownership provides shelter and security to families, and fosters involvement in community life as well as participation in democratic institutions. Homeownership also provides important social and economic benefits.
A long-term investment
A home appreciates at a typical annual rate of five percent and the homeowner who made a cash down payment of 10 percent generally will receive a 94 percent return on that cash after owning the home only three years, 225 percent after five years and 623 percent after 10 years. (Harvard University’s Joint Center for Housing Studies)
The median net worth of a renter household is $4,800, while the median net worth of a homeowner household is $171,700. (Federal Reserve Survey of Consumer Finances)
Tax advantages to homeownership include: interest payments on mortgages and property taxes in most cases; home equity loans which may also be used to consolidate debt, thereby making all the debt interest tax deductible. (Get more information on the tax benefits of being a homeowner from your tax preparer or the IRS)
Is it a good time to buy? Is it a good time to sell? Do you understand what is being reported in the media about the real estate market? Is it national or local? Good question.
The fact of the matter is that all real estate is truly local and the best way to get the real facts about your area is to ask a REALTOR®. Not all real estate agents are REALTORS®, and members of the Massachusetts Association of REALTORS® know the real facts about your local market. They are specifically trained to help you find that perfect piece of real estate, negotiate the best price and successfully close the transaction.
Sadia Raheem can be found on Facebook