Is Buying a Home Still a Smart Plan

  With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all. However, it’s important to consider all of the facts. The important message to take away from these events is not that buying a home is a bad idea, but that you must be smart about buying your home.   The housing market, like every type of market, unavoidably has its ups and downs. That doesn’t mean buying a home is a bad investment. As a long-term investment, homeownership is still one of the best investments for individual households. Historically, real estate has consistently increased in value, despite shorter periods of depreciation due to local markets and/or national economic conditions. The data shows that homes generally appreciate about 5% per year. Savings & Investment Five percent may not seem like a great return on investment, but you have to think about it in the context of the situation. For example, let’s say you put 10% down on a $200,000 house. That’s a $20,000 down payment, or initial investment. At a 5% annual appreciation rate, your $200,000 home would gain $10,000 in value during the first year. Earning $10,000 on an investment of $20,000 is a whopping 50% return. For further perspective, let’s say instead of spending that $20,000 on a down payment, you invested it in the stock market. With a 5% return, you would gain only $1,000 in profit. Tax Benefits So now you’re saying that a home may have a higher return, but that’s before you consider all of the costs of home ownership, such as taxes, etc. Well, think of it this way: your property taxes as well as the interest on your mortgage are both tax deductible. You can deduct those costs from your income, thus reducing your overall taxable income. In other words, the government is subsidizing your home. Other Benefits It’s easy to get carried away with all of the economic reasons for home ownership, but it’s important to remember that not every reason is financial. Have you ever wanted to paint the walls of your apartment? Well when you’re renting, you can’t. Has anything in your apartment ever needed updating, but the landlord refused to do it? When you own a home, you can make the space yours in almost any way you want. And you benefit when you do home improvements, both financially and psychologically. Homes generally have more space, for storage, living, etc. than other living arrangements. Not to mention that you have space outdoors for barbecuing, pets, and kids. Owning your home carries with it a sense of pride, accomplishment, and even an elevated social status. So when you’re considering buying a home, consider the broad range of benefits that owning a home can have. And always make sure you have an experienced real estate agent and loan officer to help make sure you’re getting a home that is right for you, both financially and psychologically.  

Unlocking Solar Potential: A Guide to Remote Quotes for Home Installation

Embarking on a solar journey for your home involves careful consideration and research. Discovering the right solar solution becomes more accessible when you opt for remote quotes, allowing you to explore various options without the presence of a salesperson in your home. Here are nine compelling reasons why remote quoting can be advantageous:   Objective Comparison:   Obtain quotes from multiple sources to make an unbiased assessment of different offerings, understanding variations in prices, equipment, and services provided by various solar companies.   Cost Savings:   Increase your chances of finding a competitive and cost-effective solution by obtaining multiple quotes, potentially leading to overall savings on the installation of solar panels.   Diverse Perspectives:   Benefit from diverse opinions and recommendations as different solar providers may have varying perspectives on the best system for your home.   Customization Options:   Explore different system configurations and customization options offered by each provider, allowing you to choose the solution that best fits your specific energy needs and preferences.   Avoid High-Pressure Sales Tactics:   Review information at your own pace without the pressure of in-home visits, steering clear of high-pressure sales tactics that may accompany face-to-face meetings. Time Efficiency:   Save time by acquiring quotes remotely, communicating with different solar providers, sharing details, and receiving quotes without the need for multiple in-person appointments.   Increased Confidence in Decision-Making:   Gain a better understanding of the market and increase your confidence in making an informed decision by having multiple quotes at your disposal.   Access to a Wider Pool of Providers:   Consider solar providers beyond your local area, widening your options and providing access to a broader range of expertise and technology.   Transparent and Informed Decision-Making:   Promote transparency in the decision-making process by carefully reviewing and comparing quotes, terms, and conditions, ensuring you have all the information needed for a confident decision.    Conclusion: Thoroughly research each solar provider, read customer reviews, and consider factors beyond price to ensure a holistic evaluation. If you prefer the convenience of remote quotes without in-person visits, fill out our contact form for three comprehensive quotes tailored to your solar needs.

Hot, Normal, and Cold Markets

Hot Market This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range. Normal Market In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking. Cold Market In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.

Avoiding Financial Stress

By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money. It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary. Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month than you intended simply because the dream home requires it. Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual: What type of market are you in? Are the interest rates falling or rising? Do you want a fixed mortgage rate, where you will always know what your payment is going to be? What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?