#1 Reason to own a home

By
Real Estate Agent with The Castle Team at Maximum One Realty Greater Atlanata GA 271818 FL SL3034232
https://activerain.com/droplet/4lWC

#1 Reason to own a home

#1 reason to own a home

Recent reports, according to the National Association of REALTORS®, say rents are rising nationally at almost 5 percent has created many frustrated renters.  Additionally Freddie Mac has said interest rates are going to be at 4.8 percent by next year and the myth that you must have a large down payment or at least fifteen percent to buy a home, frustration rises even higher.  News like that is also curtailing some houses coming onto the Market, because the seller doesn’t think that they have enough money for a down payment for that moveup house.

It’s more important to know what’s really happening not just what roomers are saying.  Here’s a couple of examples.

Freddie Mac’s purchase of mortgages with down payments under ten percent more than quadrupled between 2009 and 2013.

Freddie Mac has said a person “can get a conforming, conventional mortgage with a down payment of as little as five percent, sometimes with as little as three percent coming out of their own pockets.”   

So the whole concept that you need more of a down payment now than you did years ago is just not true.  Frustrated renters are quickly realizing the #1 reason to own a home is still “paying rent is not a good investment.”  Many are becoming first time buyers, and they want a house they can “grow into” not a home they will quickly grow out of!

Existing home owners are also realizing that waiting to sell is not a good option and are becoming moveup house buyers.  All have figured out it’s a better deal than anyone in the ‘70s, ‘80s, ‘90s, or 2000s got and are taking advantage of housing deals and mortgages with historically low rates.

If you’re looking for homes you can grow into with monthly mortgage payments under $1,000 choose a home from your county below and start packing!

Paulding County

Cobb County

Douglas County

If you are considering downsizing, moving up or relocating find out what your home is worth in the current market.

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Topic:
Home Buying
Location:
Georgia Paulding County
Tags:
move up
first time home buyer
move up buyer
low mortgage rates
paying rent

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Ambassador
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I tell my first time buyer clients that it is an investment in themselves and it is a way of building equity as well as getting some tax deductions not available to renters

Aug 13, 2014 12:10 AM #1
Anonymous
Pete Baranowsky Jr

Great advice Ed, good to hear from another nutmegger! (transplanted a couple times)

Aug 13, 2014 12:17 AM #2
Rainer
196,551
Karen Mathers - REALTOR®
Keller Williams Vero Beach - Vero Beach, FL
When it Matters, Choose Mathers! 772-532-3221

Renting may be a great option in some instances, but if you are planning to be a long term resident of an area I am always baffled at the choice to be a long term renter.  You are investing in someone else's future. 

Aug 13, 2014 01:56 AM #3
Rainer
106,853
Rob Marken
Bend River Realty - Bend, OR
25+ years experience in Bend

We are noticing a similar trend in our area, with vacancy at less than 1% rent rates are rising.  It is a great time to think about becoming a home owner and having your home and rate secured. 

Aug 13, 2014 02:07 AM #4
Rainmaker
986,173
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Pete Baranowsky Jr., this is a great reason to buy a home. Have a good day!

Aug 13, 2014 06:26 AM #5
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Rainer
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Pete Baranowsky Jr

Selling Good Homes, Priced Right, Quickly
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