Key Takeaways:
- Homeownership is always a stable investment to make
- Guide your decision-making with trusted realtors’ local experience
- Contact Linda Craft Team Realtors to strategize your next move!
Many people are thinking about buying a home, but with everything affecting the economy, some wonder if now is a good time to invest finally or if a wait-and-see approach would be better. If you’re in that position, remember that it’s essential to consider homeownership’s long-term benefits and what’s happening in today’s market.
Fortunately, Linda Craft Team Realtors have seen the Triangle real estate market through many ups and downs and are eager to share what we have learned. So here are a few things we want you to recognize as you figure out your next move.
Homeownership is a stable investment
Prospective homebuyers in today’s market are carefully watching rates as they consider taking on a mortgage. Only a couple of years ago, mortgage rates made headlines for being historically low. Today, headlines are asking when rates will drop and by how much. Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains:
“The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”
Understanding how homeownership can help increase personal wealth over time is essential. Today, 401(k)s are often the only tool people consider when considering investing in their futures. However, homeownership is another way to increase financial stability and build net worth. Homeowners who stay invested in their homes long-term benefit from appreciation increases over time. Young prospective buyers must be aware of how beneficial homeownership can be for their future. An article from Bloomberg notes:
“Millennials have higher average 401(k) balances than Generation X did when they were the same age, but they’re not any better off financially. . . . A lot of that has to do with being less likely to own a home.”
Homeownership is a path to building wealth
To help you understand how much owning a home can positively impact your life over the years, take a look at what the data shows. The same Bloomberg article demonstrates the gap in wealth between renters and homeowners 65 years and older:
If you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. Whether you rent or buy a home, you’ll have a monthly housing expense. So the question is, will you invest in yourself and your future, or will you help your landlord increase their wealth?
We’re Here to Help Build Your Future
You owe it to yourself to explore your options for homeownership. Contact Linda Craft Team Realtors, your dedicated Triangle real estate area professionals, to review your options. You’ll have expert advice from area locals to make the best decision and investment for your future.