Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
Is it the right time to own a home?

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 319
US
State
Nearby States
- Alaska
- Alabama
- Arkansas
- American Samoa
- Arizona
- California
- Colorado
- Connecticut
- Washington D.C.
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Iowa
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maryland
- Maine
- Michigan
- Minnesota
- Missouri
- Northern Mariana Islands
- Mississippi
- Montana
- North Carolina
- North Dakota
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- Nevada
- New York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Virgin Islands
- Vermont
- Washington
- Wisconsin
- West Virginia
- Wyoming
Don't see it?

Find:

Is it the right time to own a home?

Real Estate Agent

View my 7 listings

Contributions: 217

Q&A

:14
Disc

:8
Photos

:195

View full profile

Singer Aaron Carter was sharing a 600 square foot apartment with his wife. Their rent was about $600. A mortgage payment for a house twice as big compare to the apartment is just about $700. The interest mortgage is tax deductible.
They bought a new home.

How about you, do you think it is the right time to own a home?

Flag content

July 23 - US

RSS

Answers (6)

Christopher Thomson, "cthomson77"
Contributions: 28

Christopher Thomson, "cthomson77"

Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 28

Q&A

:23
Disc

:5

View full profile

I'll agree about the deduction argument, it is moot. The decision to buy should be based on the ability and desire to purchase something of your own, isn't home ownership part of the American Dream?

Flag content

July 23

Lady Chattel
Contributions: 2632

Lady Chattel

Contributions: 2632

Q&A

:363
Disc

:2108
Photos

:161

Zillow All-Star

Since October 2009

View full profile

Seems to me like Tom had no intention of starting a discussion, but he is lumped into the category of drive-bys who post and run hoping for name recognition.......perhaps if he comes back in here he will see that potential clients will only be able to observe an agent who makes clueless statements and obviously has no follow through.

Oh, and the whole "gee, I was out closing deals and didn't see this thread continued" is useless around here too.

Flag content

July 23

Pasadenan
Contributions: 6776

Pasadenan

Contributions: 6776

Q&A

:2091
Disc

:4542
Photos

:143

Zillow All-Star

Since January 2009

View full profile

Oh, and Tom, just think about how much "commission" you will make by being the "buyer's Realtor" for your purchase of my home. 1.5% of $4.3 million is $64,500. That is more than most average families make in one year; and you get that just for selling yourself one house!

Flag content

July 23

Pasadenan
Contributions: 6776

Pasadenan

Contributions: 6776

Q&A

:2091
Disc

:4542
Photos

:143

Zillow All-Star

Since January 2009

View full profile

I own a home, and I'm sort of wishing I would have sold it summer of 2007!

But costs for storage would have been many times what I'm paying to live here, and I'm not in a position to liquidate the stuff yet.

The "tax deductable" argument is "stupid". Their "standardized deduction" is $10,900. Of the $8400 they are paying each year to the bank, $6780 is going straight to the lender's pocket as "INTEREST". So, they declare $6780 on schedule A, and it is LESS than the standard deduction, SO, rather than getting 20% of that back from the government in reduced taxes ($1356), they instead are LOSING the difference of the standard deduction and their itemized deduction (20% of ($10,900-$6780)= -$824. Of course they will continue to take the standard deduction rather than itemizing!

And property taxes will be more than $1356 per year, so they were just trading off where they were making tax payments instead of reducing them in the first place!

NOW, where is the costs for the INSURANCE, MAINTENANCE, YARD CARE, UPKEEP, utilities, REALTOR FEES, DEPRECIATION, especially in the rapidly deflating market? When will they be able to sell for enough over what they paid to cover the Realtor commissions?

Why didn't they just find a place to rent that was 4 times as large for $900 per month? It would have cost them a lot less and their tax benifits would have been better!

And I know some people that are presently in skilled nursing facilities that wouldn't be able to enjoy their home even if they owned it!

Even President Obama is not living in a home he "owns"!

But Tom, really, if you are so anxious to buy a house, you can buy mine for $4.3 million.

Flag content

July 23

Lady Chattel
Contributions: 2632

Lady Chattel

Contributions: 2632

Q&A

:363
Disc

:2108
Photos

:161

Zillow All-Star

Since October 2009

View full profile

It is always a good time to own a home.......timing the buy and the price is what really counts.

.

Flag content

July 23

Roberto Ribas, "azrob"
Contributions: 8650

Roberto Ribas, "azrob"

Real Estate Agent

View my 1 listings

Contributions: 8650

Q&A

:1218
Disc

:7292
Photos

:140

Zillow All-Star

Since January 2009

View full profile

Interest on a mortgage is only tax deductable if you ITEMIZE...

for someone married living in a $600 rental, I'm betting there is little chance in heck that his deductions come out to more than the standard deduction...

I wish realtors would not mention the tax deduction if they don't understand it, or won't explain it properly...

and yeah, only 100 more for twice the home sounds like a good deal... good luck finding that in any neighborhood you would want to live in here!

Flag content

July 23

Have a question? Ask it here.

Most Active Real Estate Agents

Conlon A Real Estate

435 listings

Local Expert
Teresa Young

302 listings

Local Expert
AdamShpritz

291 listings

Local Expert
DANIELLE HARRELL

179 listings

Local Expert
Michael Dukhovny

141 listings

Local Expert

See more real estate agents

Question What signifies a "buy signal"?

Latest answer by klarek the realist
1 minute ago

In Investing
111 Answers - 1353 Views

Question How do I find out the previous owners of a property and what they paid for said property?

Latest answer by Randy Martin, P.A.
43 minutes ago

In Home Buying
5 Answers - 281 Views

Question how do you become a local expert?

Latest answer by Michelle Rottach
51 minutes ago

In Home Buying
5 Answers - 51 Views

Question Realtor in DC

Latest answer by James Ryan
1 hour 21 minutes ago

In Finding a buy-side agent
9 Answers - 66 Views

Question why does a on cash offer on a house falls through

Latest answer by Nancy Lee
5 hours ago

In Home Buying
2 Answers - 35 Views

See More

Guide Real Estate Buyer's Closing Costs

In Buying Process
Edited August 27

Guide List of Closing Costs and Fees

In Buying Process
Edited August 27

Guide About First-Time Home Buyer Tax Credit

In Home Buying
Edited July 22

Guide You've Opened Escrow

In Buying Process
Edited July 21

Guide Picking the Best Comps

In Using Zillow to buy
Edited May 04

See more articles about Home Buying

Current Mortgage Rates

Current Last Week

30 Year Fixed

15 Year Fixed

5/1 ARM

Get this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;">
		<div style="margin: 0 6px;">
			<div style="margin-top:6px;">
				<a href="http://www.zillow.com/Mortgage_Rates/#{scid=mor-wid-lthd}" target="_blank" style="font-size:9pt;color:#36b;text-decoration:none;font-weight:bold;">
				   
						Current
				   
				         
				   Mortgage Rates</a>
			</div>   
			
			<div style="color:#555;margin:5px 0 1px;">
				<span style="padding-left:137px;">Current</span>
				<span style="padding-left:23px;">Last Week</span>
			</div>

<div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;">
				<div style="width:144px;float:left;">
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt1}" target="_blank" style="text-decoration:underline;color:#36b;">30 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#eff7ff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt2}" target="_blank" style="text-decoration:underline;color:#36b;">15 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/#{scid=mor-wid-ltt3}" target="_blank" style="text-decoration:underline;color:#36b;">5/1 ARM</a></div>
					</div>
				</div>
					
				<iframe title="Current Mortgage Rates" frameborder="0" height="60" style="float:left;" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001">
						Your browser doesn't support frames.  Visit 
					<a href="http://www.zillow.com/mortgage/" target="_blank" style="text-decoration:none; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> 
					to see this content.
				</iframe>
				<div style="clear:both;"></div>
			</div>
			
			<div style="margin:4px 6px 0;height:15px;width:276px;">
				<a href="http://www.zillow.com/mortgage/#{scid=mor-wid-ltgr}" target="_blank" title="Zillow Mortgage Marketplace" style="display:block;margin-left:4px;height:15px;width:145px;float:left;"><img src="/static/images/zillow-mortgage-logo-small.gif" alt="Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace" style="border:none;"/></a>
				   
				<a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm#{scid=mor-wid-ltget}" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin:1px 5px 0 0;width:80px;">Get this widget</a>
			</div>
		</div>
	</div>

Need a Mortgage?

Zillow Mortgage Marketplace

Competitive rates
Accurate, custom quotes
Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes

Loan type
Amount
ZIP code

Learn about Zillow Mortgage Marketplace

Zillow Poll:

Suggested by ohduh!

When you last sold a house, how many showings did it take before you have an offer?

1-3

4-7

8-12

more than 12.

Next poll
Suggest a poll

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Nearby States

Is it the right time to own a home?

Real Estate Agent

Contributions: 217

Main Image

Answers (6)

Mortgage Lender

Contributions: 28

Contributions: 2632

Zillow All-Star

Contributions: 6776

Zillow All-Star

Contributions: 6776

Zillow All-Star

Contributions: 2632

Zillow All-Star

Real Estate Agent

Contributions: 8650

Zillow All-Star

Have a question? Ask it here.

Most Active Real Estate Agents

Related Questions

Question What signifies a "buy signal"?

Question How do I find out the previous owners of a property and what they paid for said property?

Question how do you become a local expert?

Question Realtor in DC

Question why does a on cash offer on a house falls through

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

Guide You've Opened Escrow

Guide Picking the Best Comps

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor