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| Buying a Home is a Great Way to Build Long-Term Wealth |
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(November 4, 2007) -- If you’ve been waiting for
the right time to buy a home,
you should know the facts
about homeownership. Right
now, interest rates are still at
historic lows, conventional financing is available, and FHA-insured
mortgage applications are on the rise. The more you know, the more
you’ll realize it’s a decision you shouldn’t postpone any longer.
On average, the value of a home nearly doubles every 10 years.
That’s a return most investments can’t match. During the past three
decades, home values have increased an average of 6.6% per year.2
And because most buyers invest only a small part of their home’s total
value in a down payment, their return on that initial investment is much
greater, thanks to the power of leverage.
The average homeowner today has 36 times the wealth of the
average renter. Homeownership is key to climbing up the economic
ladder. When you own a home, you’re essentially paying yourself and
building up equity. Not to mention the tax deductions only owners can
claim, such as property taxes and mortgage interest.
The Boston housing forecast is better than reported. You
might wonder if buying a home is a smart financial decision these days, given some of the
misinformation presented in
the national media. However,
the situation is better than
what is being reported. Your
local REALTOR® association wants you to know that more and more
people are buying homes in the Greater Boston area. In fact, sales
are up 10% compared to last year,4 and home values have increased
an average of 13.8% per year over the past 10 years.
Of course, a home is much more than a way to accumulate wealth.
It’s a place to enjoy your lifestyle and your loved ones. What other
investment can claim that?
The best way to evaluate your situation and options is to contact a
REALTOR®—a member of the national and your local association
of REALTORS®. They can provide solid advice on local market
conditions and can help you find the home you’ve always wanted.
Every market is different. Contact a REALTOR® today. |
| NATIONAL ASSOCIATION OF REALTORS®. |
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