Today's real estate market in the Greater Lansing area provides an excellent opportunity for renters to turn their monthly payments into equity. Having risen only slightly in the last few years, interest rates now are still much lower than over the past ten to twenty years, and home prices in many areas are very competative.  It's critical to begin taking those first steps towards home ownership, and here are some reasons why.

The money you pay for rent goes into the pocket of your landlord, while money you could be paying for a mortgage goes toward equity in your home.  In other words, you keep the money you pay for your home, as its investment value increases with every payment.

Over the last decade, the cost of rent has increased an average of 3% each year.  At that rate, payments of $1,000 per month would total $137,567 over ten years, with no accumulation of equity.

If you could put $10,000 down on a $210,000 home today and pay $1,100 per month, your equity would total $138,521 over that same ten-year period.  Note, this calculation assumes a 30-year fixed rate loan at 6.5% and an annual appreciation of 4.5%.

So sit down and do the math, and then contact me to discuss your best options for home ownership.  It's never too early to start building your future!