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Tiffany Sebasitan, Realtor

Buying a Home

With home prices falling in many parts of the country, and with a large stock of unsold homes available in most areas, this could be a good time to buy a home. Homeownership can help you build wealth, reduce your taxes, and establish good credit. But there are potential downsides, including increased financial responsibilities, maintenance costs, and the possibility that the value of your home may decrease.

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Why Own?

There are many great reasons to consider owning a home:

  • You'll have a place that is yours!
    You'll own it, have a place to raise your children and become a part of your community. You can pass your home down to your children, and their children, creating security for generations to come.

  • You may pay less to own a home than you would to rent – and it's yours at the end!
    Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home.

  • Your monthly payments won't ever go up if you choose a fixed-rate mortgage!
    If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan (if your taxes go up, your escrow will go up – increasing your monthly payment).

  • You'll build a good nest egg!
    Owning a home and building equity is the single greatest source of financial security and independence for the majority of people who've taken this step 

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Buying a home is the largest purchase most people will ever make. Homeownership has great benefits. Homeownership also comes with certain responsibilities.

Are you ready for homeownership? Look at your current situation and determine if:

  • You have a steady, reliable source of income and a steady employment history for at least two years.
  • You have a credit history.
  • Your total debt is manageable and you can afford to take on the >costs associated with homeownership.
  • You have money saved for a down payment and closing costs or you have access to other sources of funds, such as an employment bonus, tax refund, or a gift from a relative.
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Buying a home is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. My services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, I also provide listings by email. I pride myself on repeat business and hope you'll come to understand why.

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Average House Prices Don't Tell the Real Story

by Jim Adair

Samuel Clemens, better known as Mark Twain, wrote that "figures don't lie, but liars figure." He also credited Benjamin Disraeli with the quote: "There are three kinds of lies: lies, damned lies and statistics."

 

Canada's housing market statistics have been making headlines this year, as the number of sales and average house prices have declined for the first time in many years. The drop in average home prices, in particular, are making dramatic headlines, worrying Canadians that a full-scale housing crash is underway. But on the front lines, real estate leaders say the market isn't as bad as the media makes it sound.

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