It’s Time For First-Time Home Buyers to Own!

Are you a first time home buyer? Have you been renting for too long and you’re ready to finally own your home? Now is a definitely a great time to take that next step!

Homeownership has a lot of benefits. The main reason owning is so beneficial is because you can protect yourself from increased rents and lock in your housing costs.

It’s Time For First-Time Home Buyers to Own!
Make Smart Choices

Chief Economist at Realtor.com, Jonathan Smoke warns about what he calls the “Rental Affordability Crisis”:

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”

According to a 2015 Report on Rental Housing by the Joint Center for Housing Studies at Harvard University, about 49% of rental households are “cost-burdened”, which means that they are putting more than 30% of their income into their home. It has also been found that these homeowners typically struggle with regular bills such as food and healthcare.

Buying is Cheaper than Renting

Smoke further explains:

“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.”

 “While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”

It’s Time For First-Time Home Buyers to Own!

Be Aware of Your Options

You may have already saved enough to become a first time home buyer. In a report by Housing Wire, analysts at Nomura believe:

“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.

 It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.”

A lot of first time home buyers think that there is a need to cash out a large amount of money for their down payment, which is the main reason a lot of them are holding back from buying. However, home buyers will be happy to know that they can save for an acceptable down payment of 3% in as short a time as 2 years! You may already have the funds in your account!

Bottom Line
Are you ready to be a first time home buyer? There are great things that await you when you own a home as opposed to renting it. We would love to talk to you and show you your options for being a home buyer. Call us today at Showcase Realty at 704.997.3794 or send us a message here!

What kinds of qualities are you looking for in your real estate agent? Make sure to read Is Trust an Important Quality for Real Estate Professionals to Possess? to get a better idea of what you’re looking for! Did you know that you can buy a home for less? Don’t miss How to Buy A Foreclosure for 50% Off with HUD Program!

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