Space: This year, more than any other, buyers are looking for acreage and/or more square footage. First time buyers are anxious to have a space to call their own and get out of rentals.Location: In
Why Buy A Home
Dated: December 2 2017
One of the most interesting phenomenon’s I’ve learned in working in the real estate business is that family’s put a great deal of value on their home. This is very apparent with I meet with people when they want to list their home to sell. Through much research, I come prepared with a price in mind, knowing that after we walk through the home that the number will likely change based on the condition and specific amenities.
The phenomenon is that many times families put the value on their home higher than the number that my research directs me. Why does this happen over and over? I can tell you why; it’s because we have watched our kids learn to walk, remodeled the kitchen, celebrated anniversary’s, raised pets, helped daughters get ready for prom, went sledding, enjoyed bonfires with the neighbors…The point is that memories create a value that you can’t put a price tag on.
Freedom: With homeownership comes the opportunity to create a haven of your own with no restrictions (depending on location and associations) to décor or design.
Building equity to increase your net worth: While renting leaves you with little responsibility, you are trading your monthly rent for the roof over your head for that time period and that is it. With homeownership, as you pay down your mortgage your equity increases.
Appreciation: When you sell your home at some time in the future, you have the potential to realize any increase in value.
Tax Benefits: As a homeowner you pay real estate taxes and if you have a mortgage a portion of each payment goes towards interest and to the principal of your loan each month. Currently, both real estate taxes and mortgage interest are tax deductible expenses.
Predictability: When you purchase a home with a fixed interest rate mortgage, you are locking in your payments for the next 15 or 30 years whereas a renter will most certainly face increasing rental costs over that same time horizon.
To Be Part of a Community: As a member of neighborhood or community there is a continuity to our lives, a sense of belonging and stability that many people desire for themselves and their families.
Who is buying homes in 2017? The National Association of Realtors completes a study each year profiling home buyers and sellers. In 2017, 34% of all home buyers were first time buyers. The typical buyer was 45 years old with a median household income of $88,800. Sixty-five percent were married couples, 18 percent single females, 7 percent single males and 8 percent unmarried couples.
Whether you are buying your first home or selling a home and transitioning on to the next stage of life, I hope you will consider allowing me to assist you. Later this month on the blog, I’ll be going into the benefits of working with a real estate agent.
Originally published on December 1, 2017
The Canny Group, led by highly respected real estate agent, John Canny, specializes in real estate transactions in Shakopee, Savage, Prior Lake, and the extended southwest metro including Scott County....
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