As quickly as 2016 is beginning to fade, 2017 it banging on the door to be let in. As you’re editing your New Year resolutions, buying a home should be at the top of your list. Here’s why:
Reason #1 – Buy a home because you can. If you have a job and a decent credit score you can buy a home. Did you know half of all loans approved had buyers with a FICO score under 750?
Reason #2 – You need as little as 3.5% of the purchase price as a down payment. So slowly back out of Starbucks and put up with coffee in the breakroom a couple times a week. Or cut back on eating out nearly every night. Pocket the savings and before you know it, you’ll have more than enough money to buy that fabulous new condo. Besides, the coffee (and everything else) will taste so much better made by you in your own kitchen. (Tip: Have your parents “gift” you the down payment.)
Reason #3 – Home ownership builds wealth. According to the National Association of REALTORS, a homeowner’s net worth will be 45 times greater than that of a renter by the end of 2016. That stat alone should have you texting (703-963-0142) me to take you on a home tour.
Reason #4 – Interest rates are rising. Rates have been hovering below 4% for years but now they’re on the rise. Every time rates increase your buying power decreases. So that $400,000 home you could afford last month at a lower interest rate may be now out of reach. Time to snap up a new home before rates rise again, and they will.
Reason #5 – Those home prices? They’re increasing too.
Reason #6 – If you’re renting you’re still paying a mortgage. Just not yours. Love your landlord? You should, because every month you’re making a deposit into that person’s savings account.
Enjoy your holiday festivities but after the New Year Eve celebrations are over and you’re sweeping up the glitter, resolve to make 2017 the year to join the ranks of others who have reaped the rewards of home ownership. It will be the best resolution you’ve ever kept.