Compelling Reasons to Stop Renting and Finally Buy a Home
We are all creatures of habit to some extent and, for many people in this area, a habit that often seems hard to shake is renting rather than owning a home.
Moving to a place of our own is one of life's great dreams, of course. But sometimes it's something people have dismissed, due to negative circumstances when they last seriously explored the idea, and simply never revisited.
The years of recession were obviously a period of time where job security and other uncertainties abounded. Borrowing money was often challenging, to say the least, and home values continually moved south.
Thank goodness all that bad stuff has very much reversed in recent times, but it's probably quite true to say that it was a period that discouraged some from making the leap from renter to buyer on a pretty long term basis.
If this sounds like you, I would strongly urge you to consider that right now may just be the best time ever to finally stop renting and start living the dream under your own roof.
Regular readers won't be at all surprised to learn that one of the key reasons I say this is the incredible affordability of home loans right now.
As if to emphasize the point, comments last week by Fed Chair Janet Yellen suggested that the US economy, for all its current buoyancy, isn't immune to volatility in other markets. This was interpreted as a somewhat cautious stance, with the effect that mortgage rates have since continued to edge lower.
The Yellen comments have arguably increased general confidence that low rates are likely to stay in place for longer. No guarantees, of course, but it once more serves to re-emphasize the attraction of locking in a low rate while you still can.
Rentals are rising at an average of 4% a year and there are so many expert predictions suggesting the trend will not only continue, but could even accelerate. Stats published by rent.com last year showed that the number of property owners offering concessions to renters, such as lower rates, had dropped by nearly 60% over the previous six years...
A report last year predicted that the number of households that spend half or more of their income on rent will rise by at least 11% from 11.8 million to 13.1 million by 2025. Who wants to be part of that statistic?
Don't forget, as if you could, that this is an election year and delaying a home purchase until a potentially contrasting political landscape and economic policy is in place is to risk losing the tremendous opportunities and momentum that are currently at your feet.
It isn't for nothing that this year is expected to be the best in real estate in over a decade. Why not call us today and find out how we can help you to finally shake off the rental habit.