If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.
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We’re still in a sellers’ market.
According to a recent Gallup poll, real estate has been voted the best long-term investment for 11 years in a row, beating gold, stocks, bonds, and more.
If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it.
Are you a baby boomer who’s lived in your current house for a long time and you’re ready for a change?
With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now.
One question that’s top of mind if you’re thinking about making a move today is: Why is it so hard to find a house to buy?
Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year?
- If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.
- On average, nationwide, home prices appreciated by 288.7% over the last 32 years. That means homeowners grow their net worth significantly in the long term.
- If you’re questioning whether or not to buy a home this year due to today’s cooling market, consider the long-term financial benefits of homeownership.
- As a homeowner, equity increases your wealth. On average, nationwide, home prices appreciated by 2% since 1991.
- Buying a home is a major transaction that can seem even more complex when you don’t understand the terms used throughout the process.
- If you’re looking to become a homeowner this year, it’s important to know these housing terms and how they relate to the current market so you feel confident throughout the homebuying process.
Wondering if you should continue renting or if you should buy a home this year?
- Knowing key housing terms and how they relate to today’s market is important. For example, when mortgage rates and home prices rise, it impacts how much home you can afford.
- Terms like appraisal (what lenders rely on to validate a home’s value) and the inspection contingency (which gives buyers essential information on a home’s condition) directly impact the transaction.
If you’re thinking about buying a home, you want to know the decision will be a good one.