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Quick Thoughts on Why Buying a Home Still Makes Sense

Some good news on the housing front today as the National Association of Realtors reported today that existing home sales rose 3.5% in March.  But there still seems to be a concern that there’s no real momentum in the housing market as a whole.

Talk of housing always reminds me of something Papa O’Hara tells Scarlett in “Gone with the Wind.”  He tells Scarlett that land is “…the only thing that lasts.”  What he was saying has become part of what we think of as the American Dream: to own a home. 

There’s an interesting article out today from Bloomberg on how people are opting to continue renting instead of buying despite low house prices.  But the Bloomberg piece is especially interesting because it also presents an overwhelming series of facts and statistics all showing that buying a home and buying one now is perhaps a good idea.

There are a lot of reasons why a home is a smart purchase, ranging from the equity it creates to the fact that even with all that has happened in the housing market and in the economy in general, it is still a fairly safe investment.  Ginnie Mae’ home buying calculator will show exactly why buying a home is a good idea for most folks. To calculate how much money you can save by buying a home, visit this calculator.

But the most important thing to keep in mind is to be sure you are prepared to buy a home and to take on all of the financial responsibilities that go with it.  Most important of all is to be sure you understand your mortgage and that you understand the commitment you are making.

For more information about buying and keeping a home, visit the NFCC website at www.NFCC.org.

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