3 Benefits to Buying Your Dream Home This Year
Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting.
1. Buying a Home is a Great Investment
Several reports indicate that real estate is a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps build equity, a form of investing for you and your family. According to CoreLogic’s Equity Report,
“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”
This means the average homeowner gained approximately $5,300 in equity over the past year. If you want to start building your equity, put your housing costs to work for you through homeownership this year.
2. Mortgage Interest Rates Are Low
The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018 when they hit 4.94%. In their latest forecast, Freddie Mac expects rates to remain low, leveling out to a yearly average of 3.8% in 2020.
When you purchase a home at a low mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to buy more house for your money.
3. Investing in Your Family is a Win
There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you’re paying a mortgage – either yours or that of your landlord.
Today, rental prices continue to increase, and when you’re paying your landlord’s mortgage instead of your own, you’re not the one earning the equity. As an owner, your mortgage payment is a form of ‘forced savings’ you can use later in life to reinvest in your family. You can use it for a variety of opportunities, such as saving for your children’s education, moving up to a bigger home, or starting your own business. As a renter, it can be more challenging to achieve those types of dreams without home equity working for you.
Bottom Line
Buying a home sooner rather than later could lead to substantial savings and long-term financial growth for you and your family. Let’s get together to determine if homeownership is the right choice for you this year.
The market has shifted, and that’s a good thing.
IN TIMES OF UNCERTAINTY, PEOPLE FOLLOW THE CERTAIN – top five housing market questions Over the next 5 days we will post the top 5 questions everyone is asking. Question one: Is the housing market going to crash? Answer: Headlines right now scare consumers that the...
3 Tips for Buying a Home Today
3 Tips for Buying a Home Today If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers...
Planning To Retire? Your Equity Can Help You Reach Your Goal.
Planning To Retire? Your Equity Can Help You Reach Your Goal. Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement...
Experts Increase 2022 Home Price Projections
Experts Increase 2022 Home Price Projections If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to...
Pricing your house based on current market conditions means it’s more likely to sell quickly. Let’s connect so you can have the best advice when you sell today.
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers...
3 Graphs To Show This Isn’t a Housing Bubble
3 Graphs To Show This Isn’t a Housing Bubble With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that...
Why the Forbearance Program Changed the Housing Market
Why the Forbearance Program Changed the Housing Market When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over...
Housing Market Forecast for the Rest of 2022
Housing Market Forecast for the Rest of 2022 Some Highlights The housing market is shifting away from the intensity of the past two years. Here’s what experts project for the remainder of 2022. Home prices are forecast to rise more moderately than last year. Mortgage...
Why It’s Still a Sellers’ Market
Why It’s Still a Sellers’ Market As there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you...
