Have the headlines got you quaking and quivering in your boots? What people don’t think about is that news is presented on a global, widescale perspective. It almost never has anything to do with your neighborhood. And by the way, every day is a good day to buy real estate.
We want to help you get into a home of your own. You can do it. Don’t let fear keep you on the fence till it’s too late or too expensive. Lend me your ear.
Many people feel priced out of the market, and for some that may be true. Maybe. However, if you have *decent credit and steady income, there’s probably a home for you. (*If you don’t have decent credit, let’s work on that. We can help.) From an economic perspective, particularly in most of California, if you’re paying rent, you can afford a home. Buying a home boosts your bottom line, not someone else’s. It’s time to feather your own nest!
Competition is Reduced – When interest rates were in the 3% range, everybody and their brother could afford a home; stampedes trampled every home on the market trying to get their offer accepted. Now, the crowds have thinned out, so get out there and get yours!
Interest Rates are Actually Not Bad - Remember, rates were reduced to the ridiculously low levels to boost the economy during the pandemic. After we “recovered” from the pandemic, rates have “normalized” and remained fairly steady since.
Owning a home versus renting boosts your credit score. Your credit score plays a role in many facets of your life from insurance, to job screening to impacting your purchasing power. You should know that the higher credit score helps you qualify for a lower interest rate.
Homeownership is the best foundation for wealth creation. In California for example, if your lot is big enough you can add a small studio, or even a duplex on your lot. Use this accessory dwelling unit for aging parents, extended family members or even rent it out. You can also generate income renting all or part of your home through short-term rentals. Not sure you can pay for the mortgage, or need a little breathing room each month? Help pay your mortgage with a roommate/rent out a room.
Equity is the great equalizer. Late start on retirement planning? Owning a home will allow you to tap into your equity, either when you sell or thru a reverse mortgage. You can use the equity in your home to buy additional assets. (I bought rental property using equity in my personal residence.) You can also use the equity in your home for home improvements – adding value when it’s time to sell.
Want to know more? Make sure to join me at my next home Buyers Master Class! In the complimentary workshop series you’ll learn everything you need to know about buying the right home for you, such as how to confidently hire a real estate consultant, which type of property it makes sense to purchase first, what you should know after you buy a home and so much more. Visit my website to find out the upcoming workshop dates.
What you can do right now:
- Look into your municipality’s first-time homebuyer program. You probably qualify if you have not owned a home in the last three years.
- Look into state programs such as Cal-HFA’s $40k grant to build an ADU or their 10% forgivable Equity Loan.
- If you’re in California, reach out to me today. As a licensed California Broker, I can help!
Photo by Francesca Tosolini on Unsplash