What is keeping you from purchasing your first home? Is it the money? The commitment? Whatever your reason, Shorewest is here to alleviate those fears!
36% of Americans think they need a 20% down payment to buy a home. However 44% of Millennials who purchased a home this year have put down less than 10%.
Of course the stigma is that renting is cheaper than buying right? Well in today’s market you would be mistaken. Nationally, mortgage rates would have to rise up 10.6% for renting to be cheaper than buying and rates haven’t been that high since 1989! Interest rates have remained low and even though home prices have appreciated around the country, they haven’t outpaced rental appreciation. In the past year, these two trends have made homeownership even more affordable compared with renting.
If you have even been marginally thinking about buying a home, now is the time to talk to one of our real estate professionals about the real prospect of being a homeowner. They can guide you through the “scarier” aspects of down payments, mortgages and rates all with ease.
Contact a Shorewest Sales Associate today! #Shorewest #FirstTimeHomeBuyerTips
Source Credit: Keeping Current Matters