One of the ongoing goals of a parent is to impart day-to-day guidance and deep wisdom to their kids like “look both ways before you cross the street” and “don’t eat yellow snow”. While as children we know deep down how insightful these little nuggets are, we don’t always listen, but when someone other than mom or dad shares the same advice, they’re viewed as geniuses. As an experienced buyer's agent I understand I can impart all the 9 years of experience I have showing houses but for many home buyers (1st time home buyers) they have to learn on their own. For this reason, on average I write two offers per buyer, they usually lose at least one along the way (out bid, low ball offers, etc).
If you’re renting currently, and you’re sort of sitting on the fence between renting and buying, it’s possible you’ve already reached out to a real estate agent. If not, you should consider starting a relationship with a local agent today. Next, get pre-approved with a local lender.
If you are deciding about should I rent or buy? That is a personal choice, but as far as an investment I would like to pass on some advice from Lawrence Yun. According to Lawrence Yun, chief economist for the National Association of Realtors, and The Fed. • In 2016, the predicted net worth for a typical home owner is $225,000; for a renter, it’s $5,000 • That means a home owner’s net worth is 45 times more than a renter’s “Larry” sums it up by writing in Forbes.com, “The simplest math shouldn’t be overlooked. A vast majority of home buyers take out a 30-year fixed-rate loan to make a home purchase. After 30 years, there is no loan payment (nor rent payment). So the home price growth over that time period would be the equity that the home buyer would have accumulated.”