Everything You Wanted to Know about Real Estate but were afraid to Ask.

By Kevin J. Kennedy, Realtor/Broker Associate, e-PRO, CDPE

OK, for starters, maybe you were not afraid to ask, you just didn´t know whom to ask.  Here are a few frequently asked questions and corresponding answers. Let me know if you have other questions.

Should I buy a home or rent? To accurately answer that question, I would need to know more about your individual situation. For a general answer, you are better off owning a home than renting. Here are a few reasons why:

• The average home owner has a net worth 46 times that of an average renter.
• 60% of a homeowner´s wealth comes from equity in their home.
• Tax saving: Home mortgage interest and home property taxes are tax deductable.

I am behind on my mortgage and my home is going into foreclosure. Is there anything I can do? Depending on your circumstances, you may be able to do a short sale. You can read about short sales on my web site or call for a confidential consultation.

I have a relative (or friend) moving out of the area. How can they find a qualified Realtor? I offer a Realtor referral service. I interview Realtors to help choose one that meets our high standards.

Is this a good time to buy or sell my home? Many home buying and selling decisions are dictated by life events such as a job transfer, a marriage, a new baby or a divorce. Here are a few good reasons why now is a good time:

• Interest rates are near historic lows.
• The price differential for moving up is less than it has been in years.
• For sellers, there are buyers looking to buy now. For buyers, some sellers are motivated.

Kevin J. Kennedy is a Realtor/Broker Associate with RE/MAX Valley-Shore in Old Saybrook, CT. He and his wife Sharon are "Your Home Selling Team".