Barry Habib with Mortgage Market Guide was a guest on the CNBC show Squawk Box yesterday and shared some great insight on why now is the “perfect storm” for homebuyers.
He points to three big reasons all renters should jump into homeownership:
1. Rent rates are increasing in some markets. It is becoming increasingly more affordable to own a home versus renting a similar home.
2. Interest rates have basically bottomed out. Could rates go lower? Yes they could with the announcement of QE3. But money is so cheap to buy a home that it makes sense to buy right now.
3. Tax benefits. On top of the really cheap mortgage money available today you also have several tax benefits of homeownership. The IRS Publication 530 details what can and cannot be deducted.
Watch the video below and leave a comment on your thoughts about the current housing market: