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Buying a Home is a Major Life Decision Owning One is a Dream Come True

from BIA San Diego

From our Nation's earliest days, home ownership has embodied core American values of individual freedom and self-reliance. Home ownership benefits individual families by helping them build economic security, and it fosters healthy, vibrant communities.

According to local housing experts, now is the best time to realize this dream.

"San Diego's economy is strong and diverse with a low unemployment rate. Interest rates are still near historic lows, and there are a variety of homes of all types available. Homeownership is a cornerstone of the American way of life. The general public has more access to information about the home buying process, and REALTORS^® are available to guide consumers through this major life transaction,"

said David M. Cabot, 2007 President of the San Diego Association of REALTORS^®

Good for Families:
Owning a home provides a sense of security and allows families to build wealth. A home is the largest financial investment most American families will ever make, and it allows families to build financial security as the equity in their home increases. Moreover, a home is a tangible asset that provides a family with borrowing power to finance important needs, such as the education of children.

Tax Savings:
Historically, as a general rule, homes appreciate about five to six percent per year. The percentage varies by neighborhood and region. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income. You may wish to check with your tax advisor for specific information.

Good for Communities:
Homeowners work to maintain the value of their investment, which translates into a greater concern for neighborhoods and surrounding communities. Home ownership also provides communities with increased stability and a new spirit of revitalization. Yet, local builders and Realtors^® indicate that achieving the dream in San Diego will become more challenging in the future.

Still Not Sure You Should Own?
Think about this... No rent. When you pay rent, you never see the money again. Paying on your mortgage is different. You are building equity in your home. At the end of your loan term, you'll have money invested in the home that someone would pay directly to you if you decide to sell the house.

Change your home as you like.
Always wanted a yellow kitchen or a back porch? In your own home, you make whatever changes or improvements you like. This benefit gives you more control over your living environment, allowing you to make adjustments as your family changes or just as your personal taste dictates. Realtors^® and builders also point out the variety on the market.

"There is a wide range of home styles available, meeting all segments of the market from first-time home buyers to move-up family homes. Anyone motivated to buy a home now can find many beautiful homes available with a number of fantastic loan programs. We are urging people to make their move now for an opportunity of a lifetime,"

said Mark McMillin, of The Corky McMillin Companies.