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: 327 About Ruby: ...
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First of all, I am a family man… I love spending time with my beautiful wife, Jennifer, our two daughters and most recently a son. We have three dogs and I also enjoy cooking and travel. Working on just about anything in the garage, we build various hot rods, muscle cars, motorcycles, rat rods, pickup trucks and even some woodworking. Tuesday nights I still play on a competitive adult football team so I lead a busy, but fun life!
I am raising a family of my own so often share in the same hard decisions you need to make and can therefore relate.
My goal is to become friends after working together and not just be your Realtor. I want to be your Real Estate Resource for life that you can refer to family, friends, co-workers and anyone else you know needing assistance. />
I originally obtained my Real Estate license in 2003 and then upgraded to a Broker’s license in 2007. I currently serve as the Treasurer for WeMAR (Western Maricopa County Association of Realtors) and also sit on the Board of Directors for AAR (Arizona Association of Realtors). In the past, I have served as Chairperson for WeMAR’s Young Professionals Network and Chairperson for the ARMLS (Arizona Regional Multiple Listing Service) MLS Committee. I have been the Designated Broker for RE/MAX Preferred Choice since March of 2013 and served as Managing Broker prior to that for a few years.
Proudly I can say I’m a member of the RE/MAX Hall of Fame. In 2013, I won the prestigious “30 Under 30″ National Award from REALTOR Magazine and was also named to the Real Trends America’s Best Real Estate Agents list. Trulia also ranks me in the top 1% nationwide for Realtors based upon sales and client testimonials.
I have a wide variety of experience with buyers and sellers of residential, new construction, land, retail, multi-family, commercial/industrial and investment properties. Having led up to an eight-person team during my Real Estate career, I know how to manage multiple personalities and coordinate tasks. Regardless of team size, client representation has always been priority #1. Providing consistent & prompt communication, accurate market data and promoting our client’s best interest(s) is constantly at the top of the list.