Considering current mortgage rates might be intimidating, there are two compelling reasons why it could still be a favorable time to become a homeowner.
Home Values Appreciate over Time
Despite a slight dip in late 2022, home prices have been appreciating at a more normal pace this year, providing positive news for the housing market. While short-term fluctuations may cause concern, historical trends demonstrate that, in the long run, home values generally rise.
Over the past six decades, Federal Reserve data indicates a consistent upward trend in home prices, with a notable exception during the housing crash of 2008. Despite occasional deviations, the overall trajectory has been a steady increase in home values.
Buying a home can be more advantageous than renting due to increasing home values. As prices rise and you pay down your mortgage, you build equity, boosting your net worth over time.
Rent Keeps Going Up Through the Years
Consider buying a home instead of renting to avoid the continuous rise in rent. Over the past six decades, rents have consistently increased, causing financial strain for many.
Owning a home provides the advantage of stable monthly costs, avoiding rent increases. It's an investment in yourself, contrasting with renting where the money spent doesn't yield returns.
Bottom Line
Buying a home outweighs renting, offering benefits even with high mortgage rates. To avoid rising rents and capitalize on long-term home price appreciation, let’s meet to explore your options.
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