Does Buying A House Make Sense?

Does buying a house make sense? Today's real estate market may not be one that will be in your best interest.

If you ask the current home-buyers out in the market today that question, they are not really sure of the answer. Their cohorts think maybe it's better to let the landlord handle all the problems that may come up as a homeowner. Rents are cheaper than a mortgage payment, and you don't have any responsibility to care or keep up where you live as a renter. And there are some merits to that thinking.

Today, rents are on the rise nationwide. San Mateo County saw a 9.9% increase of rents in 2012 and expect another increase of around 7% in 2013. This could have an impact on renters' thinking, as now rents are starting to catch up to a mortgage payment after you factor in the tax benefits of home-ownership. All indicators point to rents not coming back down, so this upward trend for rents may have an impact on future home-buyers.

For a minute, forget the finances of buying a house. Think about why you're even beginning to consider purchasing a home in the first place? Do you remember why?

In a Fannie Mae National Housing Survey, the results show that four of the biggest reasons people buy a home have nothing at all to do with the almighty dollar. Sure, making a profit would be nice and is desirable.

What the survey discovered is that home-buyers want:

1. A place to raise and educate their children

2. A place where their family will feel safe

3. To have plenty of living space for everyone

4. To have control over the space where they live

With the above information you will be able to answer this question with ease. What else will you and your family gain by buying and owning your home?

The answers you give to the above questions may be the reasons you decided to purchase your home in the first place. By knowing this, you will be able to claim your piece of the American Dream, your new home.

The bottom line is that the cost of acquiring a home will probably remain relatively unchanged, even if prices decline. The traditional cost of housing in San Mateo County has increased since the 1960s.

San Mateo County has a lot to offer the people who live here, including the jobs, arts, professional sports teams, and great weather. You are also within five hours from the desert, the mountains for skiing, the ocean, Yosemite, the Giant Redwoods, and commercial and sport fishing.

Don’t allow money to be the "only" factor in making the decision that’s right for you and your family. Buy your home NOW - the timing could not be better.

Want to search for a home that meets your personal criteria?  Go to my blog, click the orange button to the right titled "Free MLS" and fill in the empty boxes to find what is available today for you to buy that matches your criteria. You can also see all the homes in San Mateo County that are open this Sunday.

Call me if you need help or want me to help you. Call 650-346-7366.

Helping home buyers and sellers with their real estate needs since 1976!