While there has been a slight uptick in interest rates, the cost of borrowing money for a home loan is still hovering near historical lows. In addition, there are many great opportunities across the entire real estate market just waiting to be scooped up. Those who have rented over the years will find that purchasing a home makes smarter financial sense. Building equity rather than paying off another property owner's home should always be the goal.
Highest Rate Seen In More Than Half A Century
Equally important to understand today is that rental costs are rising much faster than the value of homes. Studies have indicated that renters account for nearly 40% of American households. It is not surprising that this is the highest rate seen in more than half a century. These facts alone point to a potentially massive exodus of people out of renting and into becoming first-time home buyers. Most importantly, those who plan to stay in one location for 10 years or longer following a real estate purchase will fare much better by simply choosing not to rent.
Visually Compare Affordability Factors
One way of determining whether buying a home is a better option than renting is to use any number of online calculators designed to visually compare affordability factors. For example, Bankrate.com makes available one such calculator found here Bankrate.com Calculator. As a final note, purchasing a home develops better discipline in terms of saving and protecting an asset for the long-term. New homeowners must also factor in the discipline required to pay homeowners insurance, property taxes, association fees as well as upkeep and other expenses. The reward for this discipline is often generous growth over the years in home equity.
Homes For Sale In Anacortes Washington
At the end of the day, buying a home and building equity for the long-term ensures lifelong financial stability as well as the great feelings that pride of ownership brings. In short, being a homeowner and owning rather than renting simply feels good. Contact Nicole Haun today by visiting Realestateinanacortes.com to learn more. Nicole has an in-depth knowledge of the Oak Harbor real estate market and homes for sale in Anacortes Washington. She is a buyer’s agent as well as a seller's agent with a proven track record in helping clients achieve the real estate goals, objectives and dreams.
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