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:Ruby Arias Phone: 623-398-5575 Dated: August 23rd 2017 Views: 497 About Ruby: Whether buying or selling a home, you want someone on your side that knows the local market and puts...
The partners of My Home Group specialize in both the purchase and sale of residential and commercial real estate, as well as providing property management services. We have been in business since 1996 and have a long history of providing exceptional customer service to our agents.
One of the first decisions that must be made in the home buying p
"I highly recommend both Stacia Meeker and Gilbert Jaramillo of ESTRELLA Homes & Land Sold by RE/MAX Preferred Choice. The following comments are completely unsolicited and are mine alone. My first meeting with Stacia Meeker came about through a referral from friends with whom we were visiting in the Goodyear Estrella area in AZ. At my first meeting with Stacia and looking at some properties in the area, I decided I liked her approach and would use her services as a buyer’s agent. I returned a month later ready to look seriously and buy. At the time I arrived back in Estrella, I had developed an Excel spreadsheet detailing 50+ properties selected from the daily property searches I received from Stacia and Gilbert’s office. Both Stacia and Gilbert invested nearly a full week of their time with me and during that week I was treated with consideration, respect, and was NEVER PUSHED OR PRESSURED to buy anything….. period. We did look at nearly all the 50+ homes on my spreadsheet and by week’s end, aided by some hardball negotiating with a seller on my behalf by Stacia, I had an acceptance offer on the property that I wanted in hand. (Note that I’m currently using both Stacia’s and Gilbert’s extensive contacts in the area to make the place we bought extra special for us. ?) Stacia Meeker is a very outgoing high energy person. She has a great depth of knowledge on the properties in the area, and importantly has the ability to translate this knowledge into accurate and honest assessments of the local properties for sale. She also has great connections (for example she connected me with a mortgage broker who was able to prequalify me quickly and helped to expedite the entire process). She as I mentioned earlier, is not afraid to play hardball and knows exactly when to play that hand. Gilbert Jaramillo, Stacia’s partner at this RE/MAX office, has an encyclopedic knowledge of the regional real estate and worked with us seamlessly as Stacia’s teammate in our buying efforts. Gilbert has an easy going affable nature coupled with an uncanny ability to quietly and effectively evaluate subtleties his clients express while looking at houses. He uses his insights to really help his client find the property that will genuinely appeal to him. A valuable skill, it worked really well for me and my wife. The combination of both Stacia’s and Gilbert’s talents is a huge asset to their company and made our new house happen for my wife and I. Throughout the house buying process, I received exceptional personal service with speedy responses to any and all inquiries from either Stacia or Gilbert by phone, text, or email. Our buying experience brought home to me how nice it is to work with people who care about you and truly want you to be satisfied. Thank you to you both!"