Why Buying a Home in Parkland, FL, Is a Smart Move Despite Today’s Mortgage Rates
Thinking about buying a home but feeling intimidated by today’s mortgage rates? If you’re ready and able, here are two strong reasons why getting your own place can still be a smart move.
Home Values Typically Increase Over Time
There’s been some confusion lately about which way home prices are headed, but make no mistake—nationally, they’re still climbing. Over the long term, home prices almost always go up.
Using data from the Federal Reserve, the overall trend shows that home prices have climbed consistently for the past six decades. While there was an exception during the 2008 housing crash, home values have generally risen.
Why does this matter?
Buying a home is better than renting because, as prices increase and you pay down your mortgage, you build equity. Over time, this growing equity can significantly boost your net worth. According to the Urban Institute:
“Homeownership is critical for wealth building and financial stability.”
Rent Keeps Rising in the Long Run
Another reason to consider buying a home instead of renting is that rents have been steadily rising over the years. While renting might seem cheaper right now in some areas, each time you renew your lease, you’re likely to see your rent go up.
How do you escape the cycle of rising rents?
Buying a home with a fixed-rate mortgage stabilizes your housing costs and protects you from rent increases. Your monthly payments become an investment in yourself rather than paying your landlord’s mortgage.
Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), puts it this way:
“If a homebuyer is financially stable, able to manage monthly mortgage costs, and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”
FAQs About Home Buying in Today’s Market
Q: Should I wait for mortgage rates to drop before buying a home?
A: Waiting for rates to drop might not be ideal, as home prices can continue to rise. If you’re financially stable and ready to buy, securing a home now can help you build equity sooner.
Q: How can I afford a home in today’s market with high interest rates?
A: Explore different loan programs, such as FHA, VA, or USDA loans, that offer lower down payments. Working with a trusted mortgage lender can also help you find the best rates available.
Q: What are the long-term benefits of homeownership?
A: Homeownership provides stability, builds equity over time, and offers potential tax benefits. It can also protect you from rising rents and contribute to long-term wealth.
Take the Next Step
If you’re tired of rising rents and want to explore the benefits of homeownership, now is the time to act. Talk to a local real estate professional in Parkland, FL, to discover your options and start investing in your future today.
Please visit our homebuying page for more exclusive information about Parkland opportunities
Please visit our Home Buyer’s Page or Home Seller’s Page to find how we may provide trusted advice in the search or sale of your Parkland residence.
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