by Phoebe Chongchua
It’s billed as the American Dream and yet for some it’s been an all-time American nightmare.
Still “the home is central to American life” writes the National Association of Homebuilders in its report titled: Homeownership Works, released earlier this year.
Of course the report aims to show how housing is vital not just to homeowners but to the nation’s growth. The publication looks at the contributions that homeownership make to the economy specifically through residential construction, remodeling, rental housing, and various other related aspects of the industry. Read more
Wanting to buy a home and deciding to buy a home are two different things. The first is a desire or a dream. The second is commitment to achieve the goal. Do you want to buy, or have you decided to buy?
Most people agree that buying a home without a down payment is a risky decision and soon it might not be an option. As the crippled housing market is beginning to see signs of improvement, lawmakers and key housing industry agencies are debating exactly how much down payment should be required.
Congress and a group of federal regulatory agencies are attempting to create new rules for mortgage lenders in order to avoid a future housing crisis. The loan would be known as “qualified residential mortgages.”
Suddenly it begins. After all the anticipation of finding your dream home, your buyer agent has called and you’re off to see the first property that may be “it”. You’re excited, but are you really prepared to recognize the best deal when you see it?
A soft real estate market that is ripe with all the conditions that should entice people to purchase a home still has some renters asking, “Why own my own home?”
With home prices dropping, minimal interest rates and the cost of rental properties on the rise, now may be the time for renters to seriously consider buying a house, according to HouseSavvy, a premier real estate and relocation organization headquartered in Massachusetts.
When the housing bubble burst in 2006, the cost of buying a house was considerably higher than renting that same house in most areas. Today, the opposite is true in many states, particularly those hit hardest in the housing crash—namely Arizona, California, Florida and Nevada and right behind them, Illinois, New York and New Jersey.
Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.
1. Low Interest Rates. It’s true! Interest rates are currently at historical lows. This means over the course of your loan, you’ll pay less interest. And it also means monthly payments will be a smaller, more manageable amount. Read more