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Pros and Cons of Homeownership

January 14, 2008

If you follow the stock market then you may have seen that there was an upgrade in the home improvement sector. Not bad news… but is that a sign of the bottom or the bottom approaching? We cant answer that, but it’s good to see that the home improvement sector is improving. Which brings me to another point of why buy a house and the pros and cons of homeownership.

Lets go over the Pros and Cons of the current market and what we can learn.

Pros:
Interest rates – historically low
Supply – you can take your time and choose the best available
Prices – Lower than 3 years ago
Sellers – Some will negotiate till it hurts (not all)
Population – More people live here = more people need a home than 10 years ago
Land – Less available land than 10 years ago and more land being given to the state, county, and cities = higher long term demand
Opportunity – Like stocks, buy low sell high
Appreciation – Average price of a home in Pleasanton in 1990 was $283,600, today over $1,000,000 – Check this chart Tri Valley Homes Chart
Ask your CPA – Tax write off, capital gain exclusion, deductions…

Cons:
Timing – Is it the bottom?
You tell me the other cons to buying a home

What did we learn:
Obviously there are more pros to buying a home, and if you are overly concerned with timing then the following probably does not apply to why you would buy a home. Remember the reasons to buy a home are: pride of homeownership, a place to truly call home for yourself and family, tax write offs and deductions, long term appreciation… See the pros again.

Here are some recourses to help get a little educated. USE THEM!! You will thank us later.

Podcasts – audio info
RSS Link – get info emailed to you automatically on the market

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Comments

One Response to “Pros and Cons of Homeownership”

  1. Tom on January 19th, 2008 11:33 am

    You’re right on it T – it’s the perfect storm for buyers – desperate sellers, historically low interest rates, government spurring the economy – it’s going to be a good spring.
    By the way, multiple offers are alive and well in Dublin (7869 Bristol Rd.), just gotta get the price right.

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