Looking back we remember some of the great things that happened in 2012 - We got the iPhone 5, we experienced Gangnam Style and brought home the gold. All this AND low interest rates!!!
We can’t always know what the future holds, but we do know one thing: 2013 is going to be another great year to be a homeowner. If you haven’t yet taken the plunge into home ownership, it’s time to check on your financial strategy, because there’s never been a better time than now to buy a home.
Mortgage rates are CRAZY low
Low rates are like rainbows; they’re pretty marvelous, but when they’re gone, they’re gone. Just a few short years ago, 30-year fixed rates were above 6.00%. For December 2012, they averaged 3.35%. If you don’t speak mortgage, this means that by buying now, you’ll likely save thousands of dollars in interest, because rates can have a huge impact on your mortgage payment. Don’t wait for low rates to go the way of the dinosaur; when they’re gone, they probably won’t be coming back for a long, long time (if ever).
Protection against rent increases
Landlords have a built in itch to increase rent every year or two to accommodate for cost of living increases. This won’t happen if you own your home. Having a fixed-rate mortgage means that you’ll make the same payment for the life of your loan, so you won’t ever pay more unless you want to. That's something to help you sleep at night!
Home prices won’t be this low forever
Prices have been sitting pretty low for a while now, but this isn’t going to last: home prices are officially on the rise. Some of the hardest hit areas, like Arizona, have already been seeing some price increases! 2013 could be your final chance to snag a great deal on a home before it becomes old news.
Save a lot on next year’s taxes
As a homeowner, you’ll be able to take some tax deductions on everything from real estate taxes, to private mortgage insurance, to loan points paid on a purchase. In other words, home ownership and tax savings go together like cookies and milk.
A sense of stability
Owning your home feels a lot more permanent than renting. Your kids won’t have to worry about changing schools, making new friends, or having to start anew in a strange city every few years. If you have kids, buying a home is one of the best decisions you can make for their mental well-being.
Host a party at your place
Trying to entertain in a tiny apartment or a small duplex? There’s not a lot of free space, and then there are those pesky neighbors, just itching to call in a complaint. As a homeowner, you’ll have more space, more privacy, and a lot more elbow room between you and the friendly neighborhood ... neighbor!
Paint your kitchen chartreuse (if you want to)
Are you sick of living with boring, white walls? Are you aching to knock down a wall? Are you finally ready to build that wrap around deck for outdoor entertaining? Landlords aren't usually inclined to let you alter their property. But if you're a homeowner, the home improvement store is your oyster! You can paint, remodel, destroy or restyle just about anything in your home, whenever you feel like it, and you can become the King (or Queen) of DIY!
You won’t have to think about mortgage rates again for a long, long time
Lock in a fixed-rate now and you’ll only have to worry about rates as often as you refinance your home or move. So unless you do one of these things between now and the time your home is paid off, high mortgage rates will be a problem of the past.
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Stephanie Woods Team! We're Ready to help!
78% of dog owners own their own home. 18% rent. Does it surprise you to find out that dog owners are more likely to be homeowners instead of renters? Well, to tell you the truth, I wasn't either. I'm not sure if it's due to the fact that a multitude of landlords won't allow pets or that with the permanent feel of home ownership we just feel more comfortable to include our furry family. Whatever the case may be, it seems as though dogs and home ownership go hand in hand and now the Prescott area has a new feature that is sure to put to ease the hearts and minds of all of our local pet owners. The Prescott Area Pet Emergency Hospital is a cooperative venture of the Yavapai County Veterinary Community and is Northern Arizona's first 24-hour emergency and critical care hospital. Their current hours of operation are from 5:30 pm on Friday to 8:00 am on Monday and 24 hour care over major holidays, including - Memorial Day, Independence Day, Labor day, Thanksgiving, Christmas and New Years. They are located on Highway 69 across from Lowe's. All of the pet owners at the Stephanie Woods Team find great comfort in knowing that no mater what time, day or night, we have emergency care available for our pets, even if our regular vet is closed.
