Declining Home Prices and Minneapolis Hardwood Floor Refinishing

Declining Prices and Minneapolis Hardwood Floor Refinishing

They keep going down. It is hard to see housing prices stabilize this year. Over the next 12 months over 3 million homes are expected to be foreclosed on. This is just going to add to the oversupply of homes on the market right now. So what do you do if you are thinking about buying a house to live in or rent out as an investment property? It is hard to say, but it depends on your goals. I think it is better to buy a house right now if you are a first time home buyer with a good job, low debt and a hard work ethic. You have to think long term. Prices are low right now, but most likely they will get lower. But if you buy now you will get a $7500 tax credit and additional tax credits because you can deduct the insurance, taxes and interest paid on the house. So at the end of the year when you pay taxes you will probably get a lot more back in taxes then you would if you just paid rent. In the analysis, if the more cash you get is greater then what you would save on buying a home a year from now, or two years from now, then it makes sense to buy. On the other hand if you are thinking about getting into the rental business I think you need a very strong balance sheet. The banks only want to deal with the best of the best. It is hard right now, but you can do. If you have hardwood floors in your Minneapolis home and are thinking about getting them refinished give me a call, I will give you a good deal.