Thursday, August 25, 2011

Renting vs Buying


Recently I worked with clients that were renting but were anxiously awaiting the day they could purchase their first home. They saw their rent raising each year but knew they did not have enough money for a down payment at this time. They were also concerned that if they found a home that they loved, would they be able to afford the mortgage payment. I encouraged these clients to speak to a Lender about options available to First Time Home Buyers and discussed with them how we could overcome the obstacle of no down payment. Needless to say these clients were able to purchase a home that they loved, with minimal costs to them and a mortgage payment that they could afford.

I often get the question "Is this still a good time to buy" or "Can I really purchase a home with a mortgage payment less than my rent"? The answer to both is yes but not without the right Realtor or Lender to assist you through the entire process.

Here are a few reasons on "Why You Should Buy".

Home affordability is at an all-time high. The
median mortgage payment on the median priced
home as a percentage of the median household
income is lower than it’s been in a generation.

Mortgage rates are at rock bottom. It’s hard to
imagine interest rates going much lower, and
when they start to inch back upwards, monthly
payments and total loan costs will spike upwards.

Financing is readily available! Banks are back
in the game and ready to lend to well-qualified
buyers.

Owning vs. renting is increasingly favorable.
Since 2009, the average principal and interest
payment has fallen below the average rental rates,
and the gap is now wider than it’s been in the past
22 years.

If you or someone you know is currently renting and anxiously awaiting to purchase their "First Home", let me assist them in making that dream a reality. For three years in a row, J.D. Power and Associates has awarded Keller Williams associates
the distinct honor of “Highest Overall Satisfaction for Home Buyers among National
Full-Service Real Estate Firms.” Give me a call today to begin the process of purchasing your first home.

Kristal Green, Realtor
309-830-5385

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