"I Know Buying a Home Instead of Renting is Better...Stop it Already!"
Without fail, Realtors speak in unison to the crowds.
"Buying a home instead of renting is better!"
These are the reasons [money - comfort - stability..etc ]
Enough already, we have been incessantly trying to convince the public about home buying when there is really no convincing to do. .they already know
A survey made by Hanley Wood Housing 360 revealed a startling statistics about Owners and Renters
Renters already know that buying is better than renting. .
38% are not homeowners just because they think "They may not qualify for a Mortgage"
55% are not homeowners simply because they "Cannot afford the Downpayment"
Adding them together and the numbers don't lie. .
A Startling 93% of renters already know that buying is better than renting . .
The only thing stopping them is their credit and cash at hand.
If we solve these two problems, we can wipe out the rental market in the USA
To my fellow Realtors, stop pounding a message that they already heard...and start solving your clients two major problems
Credit and Cash for the downpayment
That is the only thing renters want to hear. . .so help them now!
You ask yourself?
Why are they already convinced?
Since 1975 statistics show that home prices [Median Sales Price] have steady went up. .
is almost too predictable. .
Every accumulate year shows a steady increase with exception of the obstacles we encountered in 2005 and 2006.
Happy to see we are getting back into the groove of what we call a normal market once again. ..
If we match this with average income earned during the same years, [Mean Household Income] Salaries are moving up and steadily . .similar to house prices.
But the major point to take from this study is that RENTERS [CPI Rent of Primary Residence] have also have seen rental increases year after year. .
is almost too predictable. .
I could easily predict what renters will be paying in the year 2020, 2025, 2030 and beyond.. .
To further amplify the message. .
Here comes this study:
Owners got it made!
Their equity money keeps growing and growing building their net worth year after year for just being homeowners!
A happy and welcome unintended consequence for the vast majority of them.
Meanwhile, RENTERS. . .
Their [Median Net Worth] is the "unintended" consequence as well. .
No one wants to rent to be worth less!
Going back to my initial argument that RENTERS do not need to be reminded of this anymore. .
Let's look at the problem and come up with solutions. .
Is it affordable?
Yes it is!
If you have the credit and the money for the downpayment. .
There has never been another time in the history of housing. .[at least since 1971] how affordable is to really buy a home right now.
Interest rates are low...and home prices are holding steady
Now,
Let's look at the two problems and come up with solutions. .
CREDIT RATINGS
America is a nation of borrowers and there is no education for young people to start life the right way. Parents are doing a lousy job!
From the very first time they leave college of their parents homes, they are already loaded with college debt and credit card debt.
A bad way to start an unhappy life...loaded with bills and forced to take the first job offered, ending up stuck and pressured to hold and pursue their dreams because they need that weekly paycheck to pay their bills. .
Now, adding insult to injury (a self inflicted obstacle).... .
About the Author: Fernando Herboso is Broker/Owner for Maxus Realty Group in Maryland. Fernando can be reached by phone at 301-246-0001 or email Fernando@ReallyNiceHomes.com
