Ten Peaks Sotheby's International Realty Blog: October 2010

Top 5 Reasons to Buy NOW in the Breckenridge Real Estate Market. - Breckenridge, Colorado

Those that have the money to purchase in this down time are the ones that purchased in the last one! This is sound advise. Unless you are homeless you are in some why paying money for a place to live. Hopefully you are paying towards your own home as opposed to paying rent to someone else. Now is a great time to search for your first home or get a great deal on a second home or an investment property. Here are a few reasons it is a great time to buy a new property in the Breckenridge Real Estate market.

1. There's a lot to choose from:

There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That's below last year's peak but well above typical levels and enough for about a year's worth of sales.

More homes keep coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice as well as great prices.

2. It'll be yours:

When you own, you can have the kitchen and bathrooms you want. You can move the walls, build an extension -- zoning permitted -- or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible.

Also, you'll feel better about your home if you own it. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Prime Minister Margaret Thatcher had just begun selling off public housing to the tenants.

3.Mortgages are cheap:

You can get a 30-year home loan for about 4.3%. What's not to like? These are the lowest rates on record. As recently as two years ago, they were about 6.3%. That drop slashes your monthly repayment by a fifth.

4. You'll save on taxes:

You can deduct mortgage interest from your income taxes. You can deduct your real-estate taxes. And you'll get a tax break on capital gains -- if any -- when you sell.

Sure, you'll need to do your math. You'll get the income tax break only if you itemize your deductions, and you may be better off taking the standard deduction instead. The tax breaks are more valuable the more you earn and the bigger your mortgage. But many people will find that these breaks mean owning costs them less, often a lot less, than renting.

5. You can get a good deal:

You can get a house at a bargain price now -- especially if you play hardball. This is a buyer's market. Most of the other buyers have vanished since the tax credits on purchases expired.

We're four to five years into the biggest housing bust in modern U.S. history. And prices have come down a long way -- about 30% from their peak, according to the S&P/Case-Shiller Indices, which track home prices in cities across the country. Yes, it's mixed. New York's prices are down only 20%. Arizona's have been halved.

Will prices fall further? Sure, they could. You probably won't catch the bottom, but it doesn't really matter so much in the long haul.

Breckenridge real estateoffers a wide variety of choices when it comes to finding the right property. Luxury homes, mountain cabins, townhomes, condos and acreage are available for homebuyers looking to settle in this wonderful mountain town. To buy or sell in the Breckenridge Real Estate area or any other area in Summit County, contact the experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge or any other area in Summit County, contact the experienced local real estate professionals at Ten Peaks Sotheby's International Realty. For Free listing alert updates check out our website at www.TenPeaksSothebysRealty.com