Why should you Buy a home vs. rent in the current state of the economy? If you are following the news on the economy it would be enough to scare you into hiding.  Many clients that I work with are always asking why buy instead of rent when the economy and real estate market are experiencing the worst markets in history?  I have some answers that might make you consider that this is the time to Buy in the Albuquerque Real Estate market instead of Rent.

Recently, I was reading some interesting articles that may encourage you that Buying a home and paying a mortgage is one of the best investments still out there.  In a recent Wall Street Journal article: http://online.wsj.com/article/SB10001424052970204774604576629443313035736.html  one of the growing trends around the country and now in the Albuquerque Real Estate market is that a mortgage on a home is becoming more and more affordable compared to renting.  For example, a $250,000 mortgage in the Albuquerque area could cost you $1700 per month and that is assuming you only put down 3.5% and do an FHA loan. Other loan programs could lower that monthly payment.  To rent a comparable home in Albuquerque you would look at spending anywhere between $1600 to $2000 per month.  There are many positives to buying a home and the short list is; tax incentives, building equity and home ownership. Check out this article in Forbes Magazine that discusses some good examples how owning a home and paying a mortgage can improve your retirement: http://www.forbes.com/sites/financialfinesse/2011/10/13/the-next-mortgage-crisis/.

My personal belief is that many buyers are savvy enough to realize that this is one of the best times to buy a home.  The Albuquerque Real Estate market is one of the most affordable markets in the country and with interest rates combined this is a great time to buy.  If you are still wanting to weigh your options feel free to give the Elite Asset Management Team a call.  Our Team would like the opportunity to share some of the best bargains in the marketplace. 

Warm Blessings,

Sean and Pete