I’ve been in the Real Estate business for fourteen years. I’ve been through the boom, the bubble and the burst. Affordable housing is back on the market with reasonable mortgage terms. Meaning your rates can still be low even with a minimal downpayment. This is a great time for renters to jump into homeownership! With rent being at a national high, it’s hard to save money while repaying college loans and spending an average 30% of your income on housing.
Recently I attended a presentation by Lawrence Yun, chief economist of the National Association of Realtors. According to his reports, Richmond rent is sky rocketing, while housing prices show a slight and steady increase. Some of his findings also show that Richmond’s housing prices are not as volatile compared to similar markets in the country.
Now I believe is the time to invest! Invest in your own future instead of lining someone else’s coffers. Richmond is growing up in many ways, expanding in business sectors and housing sectors. The burgeoning art and food scene gives us a sense that we’re growing up and ready for something bigger, so shouldn’t you be? Owning a home with an affordable mortgage is no longer an unattainable dream.
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