Nationally, rents are on the rise, not just in cities, but in small towns. Rents rose an average of 4.9% last year, according to Axiometrics, an apartment research company. The main cause if this is rising demand, with occupancy at 94.6% overall in rental properties. What does this mean for the housing market? Well, it means that this is the time to BUY, not RENT.
Renting used to be a stepping-stone. It was a way to get out on your own without needing to have a down payment. With the types of loans out there, like an FHA, down payments are far less of a burden than ever before. FHA loans only require 3.5% down, for Pete’s sake. Now is a great time to buy. After FHA dropped their PMI requirement last month by a half-point, owning a home is easier than ever.
While societal norms have changed, owning a home is still the biggest(and best) investment that you can make. Planning ahead and getting the house that works for you can set you up for life. Rent is literally just throwing money down a hole. As the amount that you pay continues to rise, it will only continue to hinder your ability to save for a down payment. Right now, here are many programs built for first time home buyers that can help you, so why wait?
Call The Home Loan Expert today to get the first step toward this goal started. Ryan can work up options for you to show you exactly what you can afford, so that you can shop confidently. You can take our quote and make a firm offer. Don’t worry about missing out because you are waiting on the bank to get your quote. Stop paying rent and start to own your future. Call us today at 1-800-991-6494 or visit www.thehomeloanexpert.com to apply online today!