Homeownership Is an Investment in Your Future
With all the uncertainty in the economy right now, many potential home buyers wonder if it’s a smart decision to buy a home now or if it makes more sense to wait a year or two for things to settle down before making a move. If you’re in that position, it’s important to consider not just what’s happening today but to consider the long term benefits that homeownership delivers.
Even with all the historical data that demonstrates how homeownership helps build a homeowner’s net worth over time, some buyers are still unsure what steps to take to build a secure financial future.
In a recent article Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), stated:
“The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”
To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. This recent Bloomberg article shows the wealth gap between renters and homeowners who are 65 years and older (see graph below). The difference is substantial, even when incomes are similar.
If you want to create wealth and set yourself up for success in the future, it may be time to prioritize homeownership. Remember, whether you decide to rent or buy a home, you’ll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?
Bottom Line
Before putting your homeownership plans on hold, let’s connect and review your options. It’s possible, even in the current market, to purchase an affordable home. The key is to review your current situation and formulate a plan that puts you on the path to homeownership.
Check out our First Time Buyer Guide for more information.
Meet the SkyBlue Team
Licensed in OR and WA
Licensed in OR
Marketing Director
How's the Market?
After two years of double-digit appreciation the Portland real estate market has shifted. The dramatic increase in interest rates has slowed sales. The chart below provides a snapshot of the Portland market as of this week.
If you'd like to keep tabs on market conditions in your neighborhood,
click this link to register and we'll send you a weekly update on current market conditions.
Free Seller Guide
It’s difficult to know when is the best time to sell, or how to get the most money for your house, but you don’t need to go through the process alone.
You may be wondering if prices are projected to rise or fall…or how much competition you may be facing in your market. The free eGuide above will answer many of your questions and likely bring up a few things you haven’t even thought about yet.
Sell-Buy Program
Uncertain about selling? Many people are hesitant to sell because they are concerned about the selling and buying timeline. They want to be sure their home sells in time to cover expenses for the new home they want to buy and at the same time they want to be sure they don’t sell before they have found their next home. This is a valid concern.
The good news is, it is possible to sell your current home and buy your next home, even in this competitive market. Click the image above to learn more about the SkyBlue Sell-Buy Program.
Find Your New Home
If you're thinking of making a move or are just curious, click the image below to find all the homes for sale currently on the market.
