With interest rates and home prices expected to increase in the next year, the financial penalty in waiting or forgoing in buying a home in today’s market have become very expensive according to a recent Realtor.com report.
The financial benefit to purchasing a home instead of renting is huge! According to Jonathan Smoke, the Chief Economist for Realtor.com, nationally, the estimated wealth an average buyer would accumulate over a 30-year period based on today’s dollars totals $217,726. Even with the upfront cost of purchasing a home, the average buyer will throw away $18,672 in in just one year. Delay purchasing a home for three years, and that figure skyrockets to $54,879.
“We’re at a critical juncture: Rents, home prices, and mortgage rates are all expected to rise significantly over the next several years,” Smoke says. “That means the cost of delaying homeownership will go up even more sharply, if you wait three years or even one.”
Why You Should Consider Purchasing Now
- Build Equity Instead of Paying Rent
- Homeownership Tax Benefits
- Rent goes up but the monthly mortgage payment stays the same with a fixed rate mortgage
You may be in the perfect positon to purchase a home and potentially save BIG over the lifetime of your loan. Stop waiting, it’s time to get started! Contact me for more information on getting on the path to homeownership.
This material is provided for information and educational purposes only. On Q Financial, Inc. does not provide tax advice. Please consult your Tax Advisor or CPA before proceeding for further information regarding your eligibility. Property taxes and Homeowners Insurance are subject to change. Information obtained from www.prnewswire.com .
Written by Chris Johns
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