Why You Should Invest In Real Estate Now
People across San Diego are renting apartments, houses, and condos. In doing so, they’re really tossing their dollars out the car window. If you can realize that real estate is now and will forever be a long term investment, investing now is definitely the best decision. ESPECIALLY NOW.
Interest rates are lower than they have been in decades and housing prices have also crashed. Never before have we seen such opportunity when it comes to investing in real estate. Even people with less than perfect credit can find a mortgage with a competitive rate in the market today. Lenders are tripping over themselves to make attractive offers to potential customers.
Foreclosures have reached an all time high all over the nation. States such a California, Florida and Nevada have been hit the hardest. Upscale homes are in foreclosure like never before. Years ago, you only saw foreclosures in blighted areas. Today, you see them all over the place.
New construction is suffering to a point where housing starts are at an all time low. The market is very bleak for sellers, real estate agents, lenders and developers. The market is absolutely great, however, for buyers. This is your market. You can not only take your pick when it comes to housing choices, but also when it comes to home loans. There truly has never been a better time than now to invest in real estate.
Though you think of your house as your home, you should also think of it as an investment. If you are renting a house or apartment, you are not investing. You are paying rent to someone else who is investing. They are using your rent to pay off their mortgage and making money off of you. In addition, you are not even allowed the tax incentive for home owners. Any interest that you pay on your mortgage can be deducted from your income tax. So can your property taxes. This can make a substantial difference in your income tax.
immediately is the time to invest in real estate. Take advantage of the fact that there are not many buyers on the market and a lot of sellers. Also take advantage of the fact that the interest rates are so low that lenders are dying to make you a loan. Even if you have a past bankruptcy you can still get a mortgage in the market today. There is money out there for everyone, you just have to look.
Make sure that you look around prior to buying your home. Location is everything when it comes to real estate. You are better off to have a shoebox condo in a nice area than a spacious home in a blighted area. The shoebox will appreciate in value, the spacious house may actually go down in price. Take a look at the areas where the school districts are much sought after if you are wondering whether the area is a good area or not.
If you are afraid to invest in real estate, stop being scared and paying a mortgage for someone else. Start taking advantage of the low interest rates and purchase property for yourself. Eventually, the property will appreciate in value giving you a place to live as well as a long term investment.
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