Home Affordability

Search Listings

Free Reports

Site Map

Colorado Springs Real Estate | 50+ Communities CO | Military Relocation Colorado - Homes For Sale

Search Foreclosures and Bank Owned Properties

Military Resources, 50+ Resources, Colorado Springs Guide

Colorado Springs, 50+ Communities, Military Relocation, Colorado Real Estate Blog

Barbara Harris Team, Harris Group Realty, Inc., Colorado Springs, 50+ Communities, 50+ Communities Realtor

Contact Barbara Harris Team of Harris Group Realty, Inc.

Archive

October 2011 (1)

Subscribe to this blog's feed

Click on the Flag to find out more about our Military Rewards Program

Home Affordability

Thursday, 06 October 2011

Home Affordability is at Near Record Highs

Home affordability is at near record highs. Homeownership allows people to grow wealth slowly over time, to hold assets that build equity, and to bring stability into their lives.

Currently, homeownership is around 59.2%. This is lowest rate since the Census Bureau began tracking in 1965. Given the fact that homes have never been so affordable nor interest rates so low it makes one wonder if this reduction has been based on fear.

Let’s review the benefits of homeownership. The top benefits of homeownership haven't changed, even in the face of a down economy. Here are the top five:

1. Savings: Long-term homeownership is still a way to get big savings.

2. Tax Breaks: Homeowners are able to take their mortgage interest that they pay each month as a deduction along with great rebates and credits associated with upgrades made to the home during the year.

3. Equity: When you pay a landlord, it's money down the drain. When you pay on a mortgage, you are paying towards owning a piece of something. You may still owe $100,000, but perhaps the home is worth $200,000. This means you have $100,000 worth of equity you've built up over time.

4. Budgeting: If you live in an apartment or rental home, each lease renewal could mean a jump in prices. We are seeing that now in the Colorado Springs area. There is a shortage of rental property so rents are increasing in some cases quite dramatically. A fixed-rate mortgage, however, means your monthly payment is the same amount for the life of the loan. A $1,000 a month principal and interest payment on a 30-year mortgage is that same now as it will be in 30 years!

5. Security: When you own, it's yours. You can paint, improve, and decorate. Most homeowners are in neighborhoods with other homeowners, meaning more time to build relationships and friendships.

Experts have recommended for years that if you're planning on staying put for 5+ years, buying becomes an increasingly better deal. You have time to recoup any closing costs you paid and benefit financially with the mortgage reduction and any home price appreciation that occurs. Once your mortgage is paid off, you'll have a real asset.

Home affordability is at near record highs. Now is a good time to see if buying makes good financial sense for you. If it does, then you're in store for a wealth of benefits that only homeowners can experience.

Tip of the day: If you already own a home, ask your bank or Realtor to provide you with an amortization schedule for your loan. You will be surprised at how little of your payment goes towards principal. If you discipline yourself to pay an extra principal payment each month with your mortgage payment, you will be surprised at how quickly the equity in your home will begin to grow!

Posted by: Barbara Harris AT 02:00 pm | Permalink | 0 Comments | Email

Barbara Harris Team
Harris Group Realty, Inc.
Phone: 719-227-9900
Fax: 719-387-4591
Email Us!

Share This Page

Translate

Barbara Harris Team
Harris Group Realty, Inc.
2950 Professional Place, Suite 205
Colorado Springs, CO 80904
Phone: 719-227-9900
Fax: 719-387-4591
Email Us: Info@BarbaraHarrisTeam.com
www.BarbaraHarrisTeam.com
Terms of Use - Privacy Policy - Contact Policy

EHO

REALTOR

Site Map

WELCOME: COLORADO SPRINGS REAL ESTATE AND HOMES FOR SALE.
Welcome: Return to home page
COLORADO SPRINGS COMMUNITY INFORMATION: Colorado Springs CO real estate and Colorado Springs, Colorado homes for sale
About Colorado Springs: Moving to Colorado Springs located in El Paso County, Colorado?
About 50+ Communites: Moving to a 50+ community located in El Paso County, Colorado?
About Fling Horse: Moving to Flying Horse in Colorado Springs located in El Paso County, Colorado?
About Pine Creek: Moving to Pine Creek in Colorado Springs located in El Paso County, Colorado?

50+ COMMUNITY CONDO INFORMATION:
About Northern 50+ Condos: Moving to a Northern 50+ Condo in Colorado Springs, Colorado?
About Southern 50+ Condos: Moving to a Southern 50+ Condo in Colorado Springs, Colorado?
About Eastern 50+ Condos: Moving to an Eastern 50+ Condo in Colorado Springs, Colorado?
About Western 50+ Condos: Moving to a Western 50+ Condo in Colorado Springs, Colorado?
Community Info: Information on 50+ Condo Home Communities

50+ COMMUNITY PATIO HOMES INFORMATION:
About Northern 50+ Patio Homes: Moving to a Northern 50+ Patio Home in Colorado Springs, Colorado?
About Southern 50+ Patio Homes: Moving to a Southern 50+ Patio Home in Colorado Springs, Colorado?
About Eastern 50+ Patio Homes: Moving to an Eastern 50+ Patio Home in Colorado Springs, Colorado?
About Central & Western 50+ Patio Homes: Moving to a Central & Western 50+ Patio Home in Colorado Springs, Colorado?
Community Info: Information on 50+ Patio Home Communities

50+ COMMUNITY TOWNHOMES INFORMATION:
About Northern 50+ Townhomes: Moving to a Northern 50+ Townhome in Colorado Springs, Colorado?
About Southern 50+ Townhomes: Moving to a Southern 50+ Townhome in Colorado Springs, Colorado?
About Eastern 50+ Townhomes: Moving to an Eastern 50+ Townhome in Colorado Springs, Colorado?
About Central & Western 50+ Townhomes: Moving to a Central & Western 50+ Townhome in Colorado Springs, Colorado?
Community Info: Information on 50+ Townhome Homes

FOR HOME BUYERS:
Why Buyers Choose Us: Why homebuyers in the Colorado Springs of Colorado choose Harris Group as their Realtors
Latest Listings: Get Harris Group's latest Colorado Springs listings of homes for sale first!
Find Your Perfect Home: Access Harris Group's easy to use home search tool to search for your ideal home and email you the newest Colorado Springs MLS listings of properties in Central Colorado.
Homebuyers: Are you a homebuyer in Colorado Springs, Colorado? As top Realtors, Harris Group can guide your home buying search