The current climate in the Long Island housing market can be equated to a chicken coop. Lots of chickens, packed in, making lots of noise"And, while the noise seems to be so squarely centered around the topic of foreclosures and underwater mortgages (and, perhaps, for good reason), the fact is that those who stay away from the squawking of the peanut gallery, and think for themselves, are not focusing on why it's an awful time to buy a home (NY). Rather, those in the know are keying in on the reasons to
buy a home (NY).
Although, to be sure, it has been a difficult couple of years for many home owners with so many struggling to make mortgage payments and so many others totally underwater there are always going to be two sides to any coin. The market is upside down, but it has steadied itself, and it is time to reassess. We can now look at the current housing climate and figure out how to turn this proverbial lemon into lemonade.
Why is now the time to buy a home (NY)?
Firstly, if there ever was a buyers' market, it is right now. Five years into the biggest housing crash in the history of the world, prices are down by 30% in some places and, nevertheless, there are few interested buyers coming forward. That means that folks who are interested in buying carry quite a bit of weight. Hardball is the name of the game, and those looking to a buy a home (NY) right now know that they have real leverage behind them.
Secondly, you can save substantially on taxes when you buy a home (NY). You will be able to deduct the mortgage interest from your income taxes; deduct your real estate taxes; and even qualify for a tax break on capital gains when you sell. Of course, you will need to consider these possibilities through itemization, but it is quite possible that such tax breaks could make owning a house more cost-efficient than renting.
Underwater is no place to be
Even if you currently are a struggling home owner, you can leverage the market to try and get back on your feet. Reach out to a qualified expert in short sales, or to a qualified cash buyer. Once you can remove the burden off your shoulders that is, once you can unload the mortgage you cannot afford you will be free to turn right back toward town, with cash in-hand, and come into the market to find a deal. You'll know, better than anyone, where the deals will be.
Some might wonder, Why would anyone scurry to get their head above the deep water, and then jump right back into the deep water?' The fact is that, when you jump back in, you'll be jumping back into water you can tread. With the ability to easily make your mortgage payments, you will soon develop a new lease on life (no pun intended).
The dust always settles
Even though things seem less than shaky right now in the housing market, the fact is that the market will clear up eventually. Considering population growth, the fact is that demand will someday catch up a bit with the current supply. And if you are a home owner under that scenario, you will indeed have a chance to see the value of your home return to norm.
Before you find yourself in that situation, however, you need to get out from underneath your current, untenable mortgage and start looking to
buy a home (NY). It might be a bit of a step down, on paper, but if you play your cards right, and buy a home (NY) that allows you to restart, then you can start to get back on your feet and build some savings; and eventually, as a home owner, you'll be holding all sorts of chips when the market does in fact start to inch back up toward the 2006 watermark.
