In considering whether to continue renting a home or venturing out and buying a home, many people may not know the hidden advantages to the latter. Not only does owning your own home create a great sense of pride and accomplishment as well as allow you to customize your home the exact way YOU want it instead of having to deal with the drab pasty walls that your landlord has picked, but it also has a lot of money saving advantages as well. Believe it or not, in a lot of cases, Buying a home can actually be more affordable than renting and in all cases WILL definitely save you more money in the long run-guarranteed.
Some people may have been turned off by the downturn in the real estate market a few years ago…and this is totally understandable to move with caution and examine all of your options before buying a home to make sure that you are not buying “More Home than You Can Afford”. So I agree, the real estate downturn of the mid 2000’s should be a cautionary tale. Since then, however, lenders have tightened up their underwriting criteria, to ensure that you can actually afford the home that you are buying, rather than pushing you past your limits of affordability, and because of this, the real estate market is making a very healthy come back!
Below are 7 graphs that illustrate factors that are contributing to the Real Estate Come Back:
Is It Time for You To Get BACK In (or Enter) The Market?
There are plenty of programs out there that are catered to first time homebuyers (anyone who has not owned a home in the last 3 years), including Rent-To-Own Programs (Such as the NuPath Program), and Low Down Payment Programs as well. If you are considering getting into the market and want to know what your options are, Click Here to schedule a Free Consultation.