3 REASONS THIS IS A GOOD TIME TO BUY A HOUSE

YES! This week I've met with three different potential first-time homebuyers. They all seem to feel insecure about whether it's a good time to buy and if it's a risk they want to take. That's understandable after the chaos that has struck the real estate industry.

The good news in the Austin area is that our market has not suffered as much as other areas and according to everything I've read, we a poised to make a market come back before most of the other markets as well. In May we had under 10,000 homes for sale which is less than in year 2000.

3 REASONS TO BUY A HOME

1. To have control over your own environment. To be able to paint a room, have a yard for your pets or kids, be further from your neighbor than a thin wall and be able to control your monthly living expenses.

2. For the income tax deduction. Your mortgage payment is comprised of your principal, interest, taxes and insurance payments combined. Most of the cost of your mortgage will be the interest you pay on the loan and your property taxes. Those two expenses are deductible from your income for the purposes of paying your income taxes. That should be enough reason to own a home but there is more.

3. To build equity. Yes, I know that some people were caught owning more than their home was worth and that's unfortunate. Done correctly that can largely be avoided.The two biggest ways to assure your homes value is to make a reasonable downpayment and plan to keep your house for 5-10 years. Over time the market dips and always returns to a higher position.

3 REASONS THIS IS A GOOD TIME TO BUY

1. Home prices. Home prices have gone down over the last couple of years and are expected to rise again. Buy now while they are low.

2. Interest rates. Interest rates have been historically low. Take advantage of low interest rates.

3. First-time homebuyer $8,000 tax credit. If this applies to you, this is a huge advantage. You must be a first-time homebuyer and the deadline is December 1.

If you live in the greater Austin area and are considering buying a home, I'd love the opportunity to meet with you and help you decide if this is a good time for you or how to achieve your goal of home ownership.

Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. Amelia Bullock Realtors. 512.589.7988.