As we move further into 2011, the Housing Affordability Index continues to rise. But what does this mean? In simple terms, it means that it’s more affordable to own versus rent in most cases. Many analysts forecast a rent increase as high as 10% and the rental market is sure to be flooded with consumers that no longer qualify for home loans because of a short sale or foreclosure. The more competition there is for rental housing, the higher rental prices will go.Now is a great time to purchase a home: rates are historically low, home prices are down almost 30% off of the highs, and when you factor in the tax advantages of home ownership it really makes sense to act now. The interest that you pay on a mortgage loan is tax deductible through the Mortgage Interest Deduction (MID).
If I can answer any questions with regards to financing or you would like a free Pre-Approval, please contact me!
Respectfully,
Jon R. Wagner
NMLS: 331960
Company ID: 1048
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