Still, homes in Nashville are selling and there are so many sound reasons for owning property.
According to the National Association of Realtors’ housing affordability index, homes were more affordable in December 2009 than at any other point since the index began in 1970.

Here are some reasons to own a home:

• Pride of Ownership

As REALTOR® Pat Jackson puts homeownership, “It is like owning your own little piece of heaven.”  The pride of home ownership is hard to match. You can paint your walls purple or black or a soft dove grey – you pick. It is your place.  You can stay up late, leave the lights on and if you like baby blue tile in your bath – well you can have that installed, too. (Hey, we are not talking about resale value here. We are talking about your place to do what you like.)

• Control your Living Space (Inside and Out)

A. Plant a garden—You can have a garden – flower or vegetable – your choice.  As life becomes more intense and demanding, outdoor space is an important added value to homeownership.
B. Own a Pet—One of the greatest rewards of homeownership is the freedom to own a pet or pets. As the homeowner you can select a Great Dane or a Poodle – your choice.

• Appreciation

In today’s housing market, the news media would make you question that the value of your home will appreciate, but according to statistics from the Federal Housing Finance Agency, although housing moves in cycles, sometimes up and sometimes down, over the years real estate has consistently appreciated.  Of course, with all investments, there are no certainties.

• Interest Deductions

Currently, homeownership provides excellent tax deductions.  In most cases, you can deduct all of your home mortgage interest on your federal tax return.*

• Homeownership versus Renting

Obviously, if you are renting, you are putting money into the landlord’s pocket.  Even if you sold your home for less than you paid for it, you would have had the advantages of tax deductions. In addition, even if you sell for less than your purchase price, you will recoup some of the money that you have put into your home.

• Current Conditions are Good for Purchasing a Home

The inventory is high so a buyer has lots of choices.  Interest rates are still historically low.

• Home Equity Lines are Available to Homeowners

Owning a home often gives you access to equity lines of credit which may provide interest expense deductions if the proceeds were used for home improvements.*

• Community Involvement

There is a feeling of stability and emotional reward in owning a home that cannot be quantified. It leads to helping us “own” our community, get to know neighbors, and contribute to the potential of your community.  In simple terms, we put down roots and have a base to build from, work on, and grow with.

• Asset Management

Historically, Americans take pride in being able to pass down a family home to their heirs. This is impossible when renting.

Also, if you are selling your primary residence, you can do that every two years without paying tax on capital gains.  Note: You must live in the home for two years before selling it and there are limits on the nontaxable portion of the gain.*

*Consult with your tax advisor.