Hope Leitner, Realtor®, CRS

Thinking about buying a home? While today’s   mortgage rates   might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get   your own place . 1. Home Values Typically Go Up Over Time There’s been some confusion over the past year or so about which way  home prices  are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term,  home prices  almost always go up ( see graph below ): Using  data  from the  Federal Reserve  (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn't follow the normal pattern, but generally, home values kept rising. This is a big reason why  buying a home  can be better than  renting . As prices go up and you pay down your mortgage, you build  equity . Over time, this growing eq...

If you're on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game. Improve your credit score to qualify for the best mortgage rate available which are reserved for those with the highest scores.   Get a copy of your current credit reports from all three of the main credit bureaus: Equifax, TransUnion, and Experian.   You can get them at AnnualCreditReport.com without paying for them. While you won't see a credit score on these reports, you will see a history of your available credit accounts.   According to the Federal Trad Commission, one in five people have at least one error on one of their credit reports which can lower your score or increase the cost or likelihood of receiving new credit.   Identify and correct these mistakes.   Explain in writing the error in the report and include copies of documents that support your dispute.   Both the credit bureau and the business that supplied th...

Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the   2022 Consumer Insights Report  from   Mynd   found the majority of people polled still view homeownership as a key life achievement. Let's explore just a few of the reasons why so many Americans continue to value homeownership. The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is because owning a home is a significant  wealth-building tool , and it provides meaningful  financial stability  over renting by locking in your monthly housing payments for the length of your home loan. An article from  Forbes  explains: Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping  1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership ev...