Today is the greatest opportunity to purchase a house. Really.
I remember when I purchased my first home in 1992.
We were just coming out of the ‘91 Gulf War recession and interest rates were floating around 9%. Housing sales were starting to heat back up and prices were gaining. I had a friend who was getting married and they each owned a home – their goal was to sell both houses and build their first home as a married couple. I immediately expressed interest in one of the homes and remember the price was $90,000. That seemed so out of reach to me, but after meeting with a mortgage lender, it appeared my monthly mortgage payment would only be approximately $300 more per month than my current lease agreement – suddenly it seemed like it was in our reach. The real kicker was my CPA’s advice – you need that mortgage interest deduction! After we purchased the house, I determined that my tax burden decreased 25% – yes, my annual taxes had an immediate improvement due to the mortgage interest deductions, which the joy of home ownership provided!