Real Estate
There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains:
“The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”
If you’re in that position, remember that it’s important to consider not just what’s happening today but also what benefits you may gain in the long run.
There’s a lot of information out there about how homeownership helps build a homeowner’s net worth over time. But even today, many people think first about things like 401(k)s before they think of owning a home as a wealth-building tool. It’s especially important if you’re a young prospective homebuyer to understand how homeownership is another key way to invest in your future. An article from Bloomberg notes:
“Millennials have higher average 401(k) balances than Generation X did when they were the same age, but they're not any better off financially. . . . A lot of that has to do with being less likely to own a home.”
To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. The same Bloomberg article helps show the gap in wealth between renters and homeowners who are 65 years and older (see graph below). The difference is substantial, even when incomes are similar.
So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. That’s because, whether you decide to rent or buy a home, you’ll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?
Before putting your homeownership plans on hold, let’s connect to go over your options. That way, you’ll have expert advice on how to make the best decision right now and the best investment in your future.
Stay up to date on the latest real estate trends.
Mortgage
Thanks to recent home price appreciation, homeowners have near record amounts of equity – and you may too
New Listing
2 beds | 2 baths | 1,971 sq ft
Mortgage
Let’s take a look at some historical data to show what’s happened in the housing market during each recession
Mortgage
Some areas are still super competitive for buyers, while others are seeing more homes sit on the market
Mortgage
Most homeowners today are in a much stronger equity position, even with rising costs.
Mortgage
What’s holding you back from taking advantage of this sweet spot?
Mortgage
There’s a much wider selection of homes for sale, with more fresh listings hitting the market each month.
Mortgage
Real estate rewards those who get in the market, not those who try to time it perfectly
Mortgage
Your equity isn’t just a number. It’s a tool.
You’ve got questions and we can’t wait to answer them.