With student loans and auto loans increasing, 75% of young households are renting rather than buying homes. This is great news for landlords, but why is this bad news for those young Americans?
They’re Missing Out on the Opportunity to Build Wealth
First, this means that these young renters are handing their money over for rent each month instead of putting that money toward a mortgage payment. They’re missing out on the game-changing chance to build equity which is a great move for anyone looking to improve their financial situation.
2020 Rates are Low
Experts are saying that mortgage rates will remain low in 2020. The economy is expected to stay relatively smooth throughout the year, allowing rates to remain at the low place they’ve been. This means, in terms of snagging a low rate, now is the time to buy.
Bidding Wars are at a 10-Year Low
Starting in the fall of 2019, buyers stopped battling in nasty bidding wars. While some experts expect bidding wars to pick back up in 2020, buyers should try to take advantage of the opportunity to avoid them now.
2020 Brings Improved Service and Expanded Technology
Lenders and sellers are making huge improvements in the service they provide, giving buyers lots of great options to choose from when searching for their home and mortgage provider. They’re also embracing technology, making the homebuying experience smoother and easier.
They Could be Enjoying a Space of Their Own
People who rent have to follow the landlord’s rules. But buying a home means having your own space to decorate and make your own. That means you can tear things down, hang things up, paint your walls – the possibilities are endless. Plus, your own home is a place to unwind and experience peace and enjoyment.
Get Started Today
If you’re excited to take advantage of all the benefits of buying a home, contact us today to find out how you can get started.
Sources: BankRate, National Mortgage News