Market Updates: Why You Should Stop Renting & Buy Today!

Posted by Dil Gillani on Friday, November 13th, 2015 at 5:59pm

Why You Should Stop Renting & Buy Today! | Keeping Current Matters

There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home.

Housing Cost & Net Worth

Whether you rent or buy, you have a monthly housing cost.

As a buyer, you are paying YOUR mortgage.

Every mortgage payment is a form of what Harvard University’s Joint Center for Housing Studies calls “forced savings.”

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

The principal portion of your mortgage payment helps build your net worth through building the equity you have in your home.

As a renter, you are paying YOUR LANDLORD’Smortgage.

Below is an example of the home equity that would be accrued over the course of the next four years if you were to buy a home by the end of this year; based on the resultsof the Home Price Expectation Survey.

Home Equity Over The Next 4 Years | Keeping Current Matters

In this example, simply by paying your mortgage, you have just increased your net worth by over $34,000!

Use your monthly housing cost to your advantage! Meet with a local real estate professional who can explain the opportunities available in your market.

 If you're curious about your home's market value, use our free Comparative Market Analysis tool! You'll get an instant home evaluation and even a free in-person assessment provided by one of our agents at your leisure.

Thanks to our friends at KCM for the awesome market information!


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