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:Taylor Holder Phone: 615-485-0122 Dated: April 3rd 2018 Views: 44 About Taylor: ...
View our latest blog posts in your RSS reader. Click here to access.
At Exit Realty of the South, we are committed to providing you with up-to-date information, comprehensive resources and the highest possible level of customer service in order to meet or exceed your real estate goals and objectives. Guided by honesty and integrity as a professional standard throughout the company, we are devoted to your total satisfaction as the benchmark of our success. The recipe for our success is an extensive support team that is second-to-none and passionate real estate professionals who invest numerous hours of continuing education to remain on top of their field.
Above and beyond having the desire, knowledge and ability to manage a real estate transaction, we employ innovative tools and systems that allow us to be most effective and efficient in serving you. From our computers to web-based real estate software and many other innovative techniques, we are driven to stay at the leading edge of technology to better serve you.
Our mission is to provide the highest quality Realtor services. At Exit Realty of the South we strive to provide the most knowledgeable and savvy real estate agents in the market. Whether you are buying or selling, an Exit Realty of the South sales representative has the skills to serve you above the rest.