Financial Reasons to Purchase a Home Now . . .

There are a number of personal and emotional reasons to buy a home. But there are also some strong financial reasons to purchase a home now and make the investment. Here are just a few of those reasons:

• Increase Your Net Worth: Few things have a greater impact on net worth than owning a home. The Federal Reserve Board of Consumer Finance found that the average net worth of renters was just $4,000 compared to homeowners at $184,400.
• A Big Tax Deduction: One of the largest tax deductions available is the amount of interest paid on a mortgage. In fact, a $150,000 home at a 5.50% interest rate can add up to approximately $8,000 in first year's interest!
• Long-Term Appreciation:  Despite market ups and downs between 1950 and 2002, US home prices appreciated at an annual growth rate of 4.8%. Even if you calculate a modest appreciation of 3%, a home purchased today for $150,000 will grow in value to $364,000 over 30 years.
• In addition, don't forget that the government is offering an $8,000 tax credit for first-time buyers through November 30, 2009.   If you're thinking about purchasing a home, don't miss out!