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A Great Way to Increase Your Family’s Net Worth

Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016. The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter. Owning [...]

By |2019-08-19T04:00:09-06:00August 19th, 2019|First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy|Comments Off on A Great Way to Increase Your Family’s Net Worth

Rent Vs. Own [INFOGRAPHIC]

Some Highlights: Owning your own home vs. renting may lead to some great options, such as locking in your monthly payments and having the freedom to customize your living space. Whether you rent or own, you have to cover someone’s mortgage costs. You may as well be doing so to build your own wealth, rather than that of your landlord. Renting and owning both have up-front fees when you sign your lease or close, respectively. Think about putting that money to work for you!  

By |2019-08-09T04:00:09-06:00August 9th, 2019|Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Infographics, Move-Up Buyers, Rent vs. Buy|Comments Off on Rent Vs. Own [INFOGRAPHIC]

Millionaire to Millennials: The Costly Mistake of Not Buying Now

On his personal website, self-made millionaire David Bach makes a striking statement:  “Not prioritizing homeownership is the single biggest mistake millennials are making.”  He further stated, “Buying a home is an escalator to wealth.” Bach explains: “Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.” He then elaborates on the game of homeownership: “Start by crunching the numbers…actually do the math…This way, you’re [...]

By |2019-08-05T04:00:45-06:00August 5th, 2019|Buying Myths, Demographics, First Time Home Buyers, For Buyers, For Sellers, Millennials, Move-Up Buyers, Rent vs. Buy|Comments Off on Millionaire to Millennials: The Costly Mistake of Not Buying Now

Is Renting Right for Me?

If you’re currently renting and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, homeownership may be closer than you realize. According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying within the next 5 years, and 38% are planning to buy within the next 2 years. When those same renters were asked why they disliked renting, [...]

By |2019-07-22T04:00:04-06:00July 22nd, 2019|Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy|Comments Off on Is Renting Right for Me?

5 Powerful Reasons to Own Instead of Rent

Owning a home has great financial benefits. In a recent research paper, Homeownership and the American Dream, Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained: “Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.” Let’s breakdown 5 major financial benefits of homeownership: 1. Housing [...]

By |2019-07-09T04:00:33-06:00July 9th, 2019|Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Rent vs. Buy|Comments Off on 5 Powerful Reasons to Own Instead of Rent

Millennials Are Increasing the Demand for Condominiums

When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium! According to CoreLogic, “Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by [...]

By |2019-07-02T04:00:53-06:00July 2nd, 2019|Buying Myths, Demographics, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Millennials, Move-Up Buyers, Rent vs. Buy|Comments Off on Millennials Are Increasing the Demand for Condominiums

Young First-Time Buyers Are Saving for Their Dream Homes

Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their first home. However, this hasn’t stopped them from dreaming about the home they will eventually buy. Many spend hours searching listings and building Pinterest boards of their favorite home features. According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles. All that time window shopping has led 45% of millennials [...]

By |2019-06-20T04:00:56-06:00June 20th, 2019|Demographics, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Millennials, Move-Up Buyers, Rent vs. Buy|Comments Off on Young First-Time Buyers Are Saving for Their Dream Homes

Renting or Owning, What Is Better for You?

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? Let’s look at both scenarios and analyze the pros and cons of each: Renting With the housing market crash in 2008, many homeowners lost their homes and became [...]

By |2019-06-11T04:00:59-06:00June 11th, 2019|First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy|Comments Off on Renting or Owning, What Is Better for You?

The Feeling You Get from Owning Your Home

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. Frederick [...]

By |2019-06-05T04:00:54-06:00June 5th, 2019|First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Rent vs. Buy|Comments Off on The Feeling You Get from Owning Your Home

How Homeownership Delivers Unsurpassed Family Wealth

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 [...]

By |2019-06-04T04:00:56-06:00June 4th, 2019|First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Rent vs. Buy|Comments Off on How Homeownership Delivers Unsurpassed Family Wealth