If you are Renting Consider Buying Your First Home: Get the Facts Renting Vs. Buy
The number of homes on the market has increased and home buyers are in a much better position to compete for available homes for sale in Stockton and Lodi and the San Joaquin Valley. Home prices on the multiple listing service are relatively flat but higher than 2009 for the same period. Low prices and record low interest rates for mortgages are allowing first time home buyers to purchase their first home and move up buyers are able to purchase their dream home. Short sales in Stockton and Lodi dominate about 54% of available homes for sale and foreclosure homes account for about 33% of multiple listings available.
Affordability is the key for many renters in making the decision to buy rather than continuing to rent. Affordability coupled with low interest rates, are causing buyers to take that step to buy. "Many renters are finding that their monthly mortgage payment is less than or equal to the rent payment", said Hugh Lilly with the Lilly Real Estate Group at PMZ Real Estate. Don't operate in the dark find out the answers the possibilities exist for that first home.
Buying a home may be your best choice in Stockton and Lodi, California than Renting?
- Low down payment: Renter's can buy with little or no down payment: FHA loans are the key to home ownership for many buyers’ requiring only a 3.5% down payment, while veterans can purchase a home with zero down.
- Homes have not been this affordable in years: Affordability is at an all time high in Stockton and the nation. The prices for homes in Stockton have declined as much as 42%. You can buy an existing home for less than it would cost to build.
- Low, Low Mortgages Rates: The fix rate loan is the one to apply for rates have not been this low since 1971 they are approximately 4.47% for a 30 year mortgage.
- Monthly Rent and Home Ownership: According to recent published studies many new home owners are finding the their house payment is less than or equal to a rental payment and it even gets better when you add in the tax advantages of the interest rate tax deduction and property tax deduction. Many renters are finding they are taking home more in their paycheck. Talk to your tax advisor for more information.
- The Greatest Reason to Buy a Home: Control your destiny it’s yours decorate and landscape it the way you want plus build wealth through owning real estate.
To learn how to make the transition from renting to homeownership contact Hugh Lilly Realtor at 209-479-9222 or e-mail Hugh at thelillyteam@comcast.net . Visit our web-site at www.hughlilly.com . Ask for our first time home buyers package and get all the facts.