There are many benefits to home ownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.
Don’t Become Trapped
Jonathan Smoke,Chief Economist at realtor.com,reportedon what he calls a“Rental Affordability Crisis.”He warns that,
“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”
In theJoint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing,they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.
It’s Cheaper to Buy Than Rent
In Smoke’s article, he went on to say,
“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.”
“While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”
Know Your Options
Perhaps you have already saved enough to buy your first home.HousingWirereportedthat analysts atNomurabelieve:
"It’s not that Millennials and other potential home buyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.
It’s thatthey thinkthey’re not qualified orthey thinkthat they don’t have a big enough down payment.” (emphasis added)
Many first-time home buyers who believe that they need a large down payment may beholding themselves backfrom their dream home. As we have reportedbefore, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!
Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you could qualify for a mortgage now
Author:Bonnie Lelak Phone: 404-788-2580 Dated: November 22nd 2016 Views: 33 About Bonnie: Experience with regular home sales, short sales, foreclosures, HUD homes, no down payment program ho...
As a Realtor I have been able to use many of the skills that I have learned from my previous experiences. I spent the past 10 years owning a home inspection company with my husband and watched as buyers would find a home and then have it inspected and be disappointed with the findings. I love being able to help buyers from the start of the process. As a buyers specialist I can help clients look at homes with a different eye, always looking for tings that the home inspector will find issues with and helping my clients see possible issues before going under contract, saving them time, money and heart ache. Servicing all levels of buyers, from the first time home buyers to the luxury buyers. The finishing touch is being able to provide them with tools that can help them pay off their home in less than half the time. Helping buyers find their dream home is very rewarding.
As a listing specialist, I find unique ways to get the attention of the buyers, from text marketing, video, and getting your home listed on the first page of Google, it's all about exposure. I use all the outside marketing tricks and tips that I used and learned over the past 8 years to get the word out about your home. Contact me to find out about my exclusive marketing plan!
Some Highlights:The “Cost of Waiting to Buy” is defined as the add
"Bonnie is a very conscientious real estate agent with the utmost integrity. If Bonnie does not know all the facts of a question or requested information she will tell you up front that she may not know all the details but she will certainly do her best to find the answers and will not mis-lead you. Bonnie is very Spiritual person and is a pleasure to work with. We came to know each other quite well on the last 6 months and We would highly recommend Bonnie to represent any of our friends, relatives, associates or church members.
Again it was a pleasure to work with Bonnie and we do plan to work with her a gain in the near future.