Right now may be one of the best times in a long time to buy your first home in Palo Alto. We are experiencing historical low prices. There are many indications of a strengthening market. Interest rates remain near all time lows. There are tax advantages and tax incentives to buying your first home. The benefits are many and there are opportunities for many to buy into the real estate market in Palo Alto today.
The Benefits of Home Ownership
1. Quality of life – a home provides stability and security for you and your loved ones, and membership within a community of neighbors.
2. Pride of home ownership – a home is a personal haven, a place that you can decorate, shape, and share over time because it’s yours.
3. Excellent affordability – lower home prices combined with low interest rates means there are tremendous opportunities for buyers.
4. Historically low interest rates – around 5 percent in the U.S. gives better purchasing power to those who qualify.
5. Appreciation potential – your home investment can grow in value.
6. Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 vs. $4,000 for renters.
7. Leverage – where else can you buy an investment of this magnitude with 5-10 percent down?
8. Tax deduction advantages – property tax and mortgage interest write-offs. (Right now CA is offering a tax credit for first time homebuyers.)
9. Tax exemption – up to $500,000 per married couple or $250,000 per person on sale of a primary residence in the United States.
10. The real cost of renting – with a median rental price of over $1800 per month, without even taking into account rent increases each year, you will pay $216,000 over a 10-year period but have zero ownership of the property.
Please contact Gwen for an informative first time home buyer consultation and receive this ebook !
Current Homes for Sale in Palo Alto
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