The real estate market has been very strong and because inventory levels are low, it may be more challenging to find a home to purchase. That has some people considering renting their next home instead of buying.
There are a few factors to be considered before making that big decision. Some of the most respected companies, like CoreLogic, Case-Shiller, Black Knight, MBS Highway, and others, forecast that real estate values are expected to appreciate into the foreseeable future, which can create significant wealth for your family!
Meanwhile, rents are forecasted to continue to rise by more than 5% per year!
Additionally, your mortgage will amortize… meaning that a portion of each of your monthly payments will go toward reducing your loan balance, which builds equity and wealth for you. This is different than a rental payment, which builds wealth for your landlord.
Another big consideration is the level of freedom to do things to your home as an owner!
I have the ability to provide you with a detailed analysis with forecasts for your specific market. Contact me to see why homeownership might be a great way for you to create wealth.