Home ownership rates are the lowest they have been in the last 50 years. Yet a large portion of Americans are still renting properties, instead of enjoying a home of their own. Consumer reports believe this is an issue because of a buyer's lack of trust in their ability to purchase. It is still a long standing notion that a buyer needs 20% towards the cost of the home in order to move forward, but this isn't true. With countless down payment assistant programs, and closing cost roll-ins, a home owner could move in with as little as a few hundred to a couple thousand dollars. Which is a huge difference in the time it takes to save up to make the move.
With interest rates at an all time low, home ownership in today's market is a great investment. The money saved over a mortgage's lifespan can result in tens of thousands of dollars, if not hundreds. That's more money in your pocket today. Don't wait to buy when interest rates soar again. With low interest rates, that means your monthly mortgage payments are at a significantly lower cost, as well. With such a heated housing marketing, rental prices are soaring, and statistics are constantly showing that home ownership can be equivalent to your rental rate each month, if not less. Why get stuck in a small 2 bedroom apartment, if you can move into a home a pay a monthly rate that is the same, and get a 3 bedroom house with a great backyard?
There is also a fear that a home can keep you "stuck" or "rooted" to one place, without an easy transition out if you decide to move. Although the future of the housing market isn't easily predictable from location to location, you can always discuss with your agent about buying a home in an area that has a strong turn-over rate when a home hits the market. The equity build up when it comes time to selling is going to be far more beneficial, than if you put money into a rental and decided to move. The money from selling the property can be used to purchase a new home. With renting, there would be no additional funds to transition into a new place.
Now imagine if you were renting a home for $2000/month. If your landlord is renting to make a profit, think how much less you'd be paying on a monthly basis towards your mortgage, if the home was yours. Then you wouldn't be paying a landlord to profit off of you, you'd be paying a reasonable rate, and get to call the property your own. Discuss with your agent and lender the steps you need to take towards home ownership, you might be happily surprised about the type of home you can afford to move into.
Author:Bianca Basurto Phone: 520-618-7344 Dated: January 17th 2018 Views: 57 About Bianca: ...
View our latest blog posts in your RSS reader. Click here to access.
About Polston Results Team with Keller Williams Southern Arizona
The Polston Results Team consists of highly experienced agents who have sold hundreds of homes. They attribute their success in today’s fiercely competitive marketplace to the unique team partnership concept.
Unlike a traditional real estate agency, Shawn has assembled a diverse staff of real estate support specialists and experts who deliver more services to clients and work at a high level of proficiency.
If you are selling your home, we will help you price your home right to get it sold for top dollar.
Why Choose Us?
Past Performance – Over 300 transactions closed in the past 2 years!
More Money in Your Pocket – Our listings close over 3% higher than the average agent!
Referrals – Over 65% of our business is from referrals; our clients love to spread the word!
Our Team – We have 7 dedicated team members to ensure you are top priority!
Communication – We keep you informed each step of the way!
If you are a first time home buyer, an experienced home buyer, or an investor we can guide you through the buying process to help you purchase the right home for you. We have the expertise knowledge, and skill to support you in finding you the right home that fits your needs! We succeed in this highly competitive marketplace by proactivel ynegotiating on our your behalf to get you the BEST home at the BESTprice.
I really want to thank you for all the hard work and effort all your stuff dedicated into this sale.
I will be happy to recommend you to friends who are interested on selling their homes.