Buying Real Estate in a Down Market

November 28, 2010 by · Leave a Comment 

Today’s Real Estate Market

The real estate market has been in decline for a few years now, but that can be good news for people looking to buy real estate in Central Florida.  In fact, when a market is in such decline, it is referred to as a “buyer’s market”. Prices across the country are now stable and lower than ever. Interest rates are also lower, which can mean thousands in savings over the years.

Own Instead of Rent

There are many advantages to buying real estate — especially in today’s market. From the tax savings, to lower monthly costs, to owning something with actual value and room for future market growth, a buyer cannot go wrong. 

Many people overlook the fact that rental payments include taxes and fees, charged to the landlord or by the landlord, that are passed on to the tenant. When someone owns their own home, many states offer tax exemptions or discounts to homeowners, which equal huge savings each year. 

Mortgage payments are usually cheaper than paying rent, too. Landlords charge tenants more per month so that they can make a profit on their property and sometimes there’s also extra to cover any necessary repairs. A homebuyer can negotiate a price and pay rock bottom without any built in charges for a more personal home.

The Value in Real Estate

Real estate ownership is also like having a long term, high yield, savings account. As the value of real estate property increases, the amount of money the owners have at their disposal increases.  

Buying a home means buying something with actual, or real, value. That’s why it’s called “real” estate. Unlike personal property, which usually loses value as it gets older, diminishes in quality, and loses desirability, real estate will always have worth. That worth grows exponentially over time.  

Buying real estate, whether it’s a newly built home or an existing home, is a completely customizable experience. When renting, there are usually a lot of rules about painting the walls, hanging art, or getting permission to do practically anything to modify the place. With ownership comes the ability to make the property 100% personal. 

There is no better time to buy than now and there is no better investment than real estate. 

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