During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing market are helping this generation to regain their lost wealth.
A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.
In a real estate market where home prices are rising, many have begun to reexamine the idea of buying a home, choosing instead, to rent for a while. But often, there is a dilemma: should you keep paying rent, knowing that rent is rising too, or should you lock in your housing cost and buy a home?
Awesome corner unit luxury condo available. You can move right in to this home with large family room that has tons of natural light. Granite countertops & stainless appliances in the kitchen overlook the family room. Lots of counter space & extra storage. Hardwood floors & wrought iron spindles give the home a very elegant feel. Retreat upstairs to the large master suite with shower & garden tub along with the secondary bedroom. 3rd bedroom & attached bath on the first floor is just off the garage & is perfect for out of town guests that need their own space or the home office. Step out back to your private patio to relax or for pets. Excellent location close to DFW airport & easy access to Hwy 121 or I35.
Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that, “For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment… …Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.”
The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices & interest rates were to increase over a period of time. Freddie Mac forecasts interest rates to rise to 4.5% by the Q4 2020. CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months. If you are ready and willing to buy your dream home, find out if you are able to!
We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, that feeling of safety and security you gain from owning your own home is simultaneously one of the greatest and most difficult to describe.
If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.
There are many financial benefits to homeownership, but probably none more important than its ability to create family wealth. How Housing Matters is a joint project of the Urban Land Institute and the MacArthur Foundation. It is an online resource for research and information on how homeownership contributes to individual and community success. Their article, The First Rung on the Ladder to Economic Opportunity Is Housing, explains the importance of homeownership to a family’s financial health. In that article, they simply stated: “The ladder to economic success can stretch only so high without the asset-building power of homeownership.”
June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?