We all know we’re in a housing and mortgage crisis, right? Well, not here in Oklahoma…we’re “Defying The Trends”.

Just look at the number of new homes you see being built every day. If we’re in a crisis would we still be building and selling like we are? No.

Despite the recent onslaught of negative news, you would probably agree with me that in most cases it is better to own than to rent. You would also probably agree that new homes are more efficient than older homes. With that in mind you need not look any further than Oklahoma to find some of the country’s most affordable real estate.

We all know we’re in a housing and mortgage crisis, right? Well, not here in Oklahoma…we’re “Defying The Trends”. Just look at the number of new homes you see being built every day. If we’re in a crisis would we still be building and selling like we are? No.
Despite the recent onslaught of negative news, you would probably agree with me that in most cases it is better to own than to rent. You would also probably agree that new homes are more efficient than older homes. With that in mind you need not look any further than Oklahoma to find some of the country’s most affordable real estate.

So maybe you’ve been trying to decide, “When is the right time for me?”

With mortgage interest rates at historic lows, meaning that less of each monthly payment is going to interest and more is going to principal, there is no better time.

Some of the benefits of buying a home:

• Begin building equity – Money you spend paying back the loan is value you get to keep.


• Appreciation – homes (unlike most things) get more valuable over time. The U.S. average for real estate appreciation from 1963-2006 was 6.3% (U.S. Census)


• Inflation – that’s right, inflation. When everything seems to be going up, your mortgage payment never increases. (Fixed rate)


• Tax advantages – with tax time still fresh on our minds remember that buying a home is a considerable tax advantage. After all, paying $1200 a month for your mortgage is really the equivalent of paying $900 a month in rent. Since most of what you pay for your mortgage in the first years is interest, on a $1200 mortgage payment you get to deduct about $1080 a month. That reduces your taxable income by about $13,000 a year.

So maybe you’re asking, “I wonder how much home I can afford?”

Great question… this is where you get started. Talk to an Oklahoma homebuilder today to be referred to a local lender who will help you get prequalified. This is the best way to find out exactly what price range to start your search in.

Don’t let the national media scare you out of the smartest move you can make.

---

Jim Schuff is a builder and owner of Vesta Homes. He currently serves as Vice President Secretary of COHBA. He appears in the "Mortgage" video for the Defy The Trends campaign.