- Home owners move less often and are more likely to vote and volunteer time for political and charitable causes than renters?
- Children of homeowners tend to perform better in school and attain higher levels of education than children of parents who do not own a home?
- Dollar for dollar, the rate of return on an individual’s cash down payment on a house is substantial? Given the leverage in purchasing a home, the average return on a 5% down payment over 10 years is usually three to five times greater than stock market returns
- When you own a home you may be able to deduct the property taxes and mortgage interest from your income taxes?
- In most cases the gains that you make when you sell your primary residence are tax free?
Mortgages are at Historically Low Rates
For buyers who qualify, mortgage rates are near historical lows, less than 5% currently. According to data provided by Freddie Mac, rates averaged 8.9% during the past 40 years.
Go to www.FreddieMac.com and view the Primary Mortgage Market Survey® for more information on the latest rates. In addition, low interest rates, coupled with recent price declines, give people
looking to upgrade a unique opportunity to take advantage of market conditions.
The Value of Your Investment
Real estate is a long-term investment. Home values could fall in some years, though, on average over the past 40 years, the median price of existing homes has increased about 6% every year. However, this is a national average and local markets vary widely. Thanks to the power of leverage, a homeowner’s return on investment is even more impressive over time. Visit www.HouseLogic.com/buyandsell to learn more.
Home Ownership is an Investment in Your Future
Home ownership is how many American families begin to accumulate wealth. Using the latest figures from the Federal Reserve Board’s Survey of Consumer Finances, NAR estimates that in 2010, a typical homeowner’s net worth is 40 times that of a renter’s.
For more information on homebuying find the NAR Guide to Homebuying at ww.Realtor.org/Store.
Lee Gosselin, Co-Founder, Owner & Associate Broker
The Lee Gosselin Real Estate Team
Home with The WILSON Group
Serving Central & Coastal Virginia
Hampton Roads: 757-726-7211
Central Virginia: 804-467-7473 (mobile)
Hampton Roads Office
505 S. Independence Blvd, Ste 208-A
Virginia Beach, Virginia 23452
Central Virginia Office
1805 Monument Ave, Suite 314
Richmond, Virginia 23220