7 Reasons to Own a Home.

I just read a great article about why Home ownership is wonderful.

 

 1. Rates are low, which means you spend less than in the past for the same priced home.

 

2. Payments are fixed. With renting they can go up every year.

 

3. Its YOURS! paint it, add a pool, put a statue of your dog in the yard, put up Christmas lights that rival Tim the Toolman Taylor, etc.

 

4. Neighbors, want to borrow sugar o...r have someone pick up your mail. You've known them for years and can trust them. In rental areas, the people come and go as their leases end, no continuity.

 

5. Entertaining in a yard!! How fun is that. Barbecues, block parties, just more fun when its your place.

 

6. EQUITY. Each month part of your payment is going to the principal. A $10,000 home bought in 1960 is worth well over $100,000 today.

 

7. Budgeting is easy when you know your payments will always be X, build in a little for a new roof every 15 years or so, and periodic upkeep. The writer of the aritcle said it better and more in depth, but this is a synopsis.

 

So get out there and get a realtor, preferably me (806-672-3082 in Amarillo) and buy yourself a home.  Start building equity, budgeting for the future, making a home say "YOURS" and getting some great neighbors.

5 Home Buying Myths.

Do you believe in Myths?

Survey Reveals 5 Home Buying Myths

Daily Real Estate News | Friday, October 28, 2011

Overall, today’s home buyers tend to be fairly knowledgeable about the real estate market, but there are still a few points of confusion in the process, a new survey by Zillow of 1,000 potential home buyers finds.
Here are the five main areas of confusion the survey revealed:

• Appreciation: About 42 percent of home buyers believe home values will appreciate by 7 percent a year. Reality: Historically, home values in a normal market appreciate by 2 to 5 percent in a year. 
• Mortgage insurance: 41 percent of buyers think they will have to purchase private mortgage insurance, regardless of the amount of their downpayment. Reality: Buyers only need to purchase PMI if their downpayment is less than 20 percent of the home’s purchase price.
• Appraisals: 56 percent of the buyers said the purpose of the appraisal was to determine if a home was in good condition. Reality: That’s the purpose of a home inspection; an appraisal estimates fair market value. 
• Home owner’s insurance: 37 percent of home buyers said that buying home owner’s insurance is optional. Reality: Lenders require homebuyers to purchase homeowner’s insurance. 
• Ownership: 47 percent of home buyers said a prospective buyer owns a home after the purchase contract is signed. Reality: The purchase and sales agreement is the beginning of the closing phase, but it can be a long process until they finally take ownership.