Over the past year, mortgage rates have fallen more than a full percentage point, hitting a new historic low 15 times. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them. 1. Move-up or Downsize: One option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs – something that’s truly a perfect fit, especially if … [Read more...]
Homeownership Is a Key to Building Wealth
For years, real estate has been considered the best investment you can make. A major reason for this is due to the net worth a household gains through homeownership. In fact, according to the 2019 Survey of Consumer Finance Data from the Federal Reserve, for the average homeowner: “…a primary home accounts for 90% of the total wealth of a family in the U.S.” How do homeowners gain wealth? Most large purchases, like cars and appliances, depreciate in value as they age, so it’s … [Read more...]
Rent vs. Buy: How to Decide What’s Best for You
According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further. While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready … [Read more...]
A Homeowner’s Net Worth Is 40x Greater Than a Renter’s
One of the best ways to build your family’s financial future is through homeownership. Recent data from the Federal Reserve indicates the net worth of a homeowner is actually over 40 times greater than that of a renter. Maybe it’s time to start thinking about buying a home, especially when they’re so affordable in today’s market. Every three years the Survey of Consumer Finances shows the breakdown of how owning a home helps build financial security. In the graph below, we see that the … [Read more...]
How Is Remote Work Changing Homebuyer Needs?
With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and … [Read more...]
The Overlooked Financial Advantages of Homeownership
There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability. 1. You Won’t Always Have a Monthly Housing … [Read more...]
Great News for Renters Who Want to Buy a Home
Rents in the United States have been skyrocketing since 2012. This has caused many renters to face a tremendous burden when juggling their housing expenses and the desire to save for a down payment at the same time. The recent stabilization of rental prices provides a great opportunity for renters to save more of their current income to put toward the purchase of a home. Just last week the Joint Center of Housing Studies of Harvard University released the America’s Rental Housing 2020 Report. The results … [Read more...]
5 Reasons Homeowners Throw Better Parties During the Big Game [INFOGRAPHIC]
Some Highlights: There’s more room to entertain a large crowd. The kitchen is big enough to whip up endless appetizers – yum! You don’t have to worry about complaints to your landlord when the cheering kicks in! … [Read more...]
3 Benefits to Buying Your Dream Home This Year
Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting. 1. Buying a Home is a Great Investment Several reports indicate that real estate is a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps build equity, a form of investing for you and your family. According to CoreLogic’s Equity Report, “U.S. homeowners with mortgages … [Read more...]
Year-Over-Year Rental Prices on the Rise
Looking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast, “We expect rates to remain low, falling to a yearly average of 3.8% in 2020.” If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low. As noted in the National Rent Report, “the national rent index increased by 1.4 percent year-over-year.” With average rents on the rise, this year-over-year … [Read more...]
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