When my husband and I first bought our house, one of the main reasons was to finally let our boys play, run, and get loud without the worry of someone complaining about it to the landlord. Todays market is a little different, there are some really great reasons to buy, some that may not be around for long. Here are the top 5 main reasons I think, should motivate you to get off the fence and buy now:
1. Affordability: According to The National Association of Realtors, homes have increasingly become more affordable during the last couple of years. We can go as far as saying it's the most affordale since they started tracking with the housing affordability index in 1970.
2. Lots of homes to choose from: Inventory is very high, more in some areas than others, never -the- less, a good thing. Today you have the luxury to be "picky" when selecting your home.
3. Interest rates are at historic lows: Let's lock in those low rates guys, because the reality is, they will go up.
4. Tax Credit: The first time home buyer tax credit was extended last month, you may qualify for an $8000 tax credit, or if you already have a home and have been there at least five years, you may qualify for $6000.
5. FHA Mortgage Limits: Currently in L.A. County you can get an FHA loan for up to $729,750 on a single family home. Remember FHA allows you to purchase a property with up to 4 units as long as you intend to live in one of them, the loan limits increase with number of units on the property. Not too bad for only 3.5% down.
FHA L.A. County Loan Limits (High Cost Areas)
Single Home $729,500
Single Home $729,500
Duplex $934,200
Triplex $1,129,250
Fourplex $1,403,400
