What is holding you back?

I’ve encountered a few first time home  buyers lately that are afraid to pull the trigger (so to speak) and get in the market.  They want to buy something, but they’re afraid of actually doing it.  What is holding them back?

One of the best phrases I’ve heard is “Everything you want is on the other side of fear”.  But what is the fear?

There are so many advantages to home ownership.  Homeownership builds wealth over time.  Homeownership can be a very savvy financial move.  You build equity every month, you get tax benefits, and according to Forbes Magazine, “Long Term, Buying Is Cheaper than Renting.  In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent.”  We all need to live someplace, so instead of paying off your landlord’s home, why not pay off your own?

There are so many programs out there that can get you in a home that doesn’t require a 20% down payment.  Talk to a Mortgage Broker, or your current bank.  I had a client that was able to get into a home with just 1.5% down!  That option is not for everyone, but the point is, it’s doable.  The thought of your entire financial footprint being on the line is daunting, but is the first step in buying a home.  Take the leap!  You’ll be happy that you did.

The latest Rent Vs. Buy Report from Trulia pointed out the top 5 financial benefits of homeownership:

• Mortgage payments can be fixed while rents go up.
• Equity in your home can be a financial resource later.
• You can build wealth without paying capital gain.
• A mortgage can act as a forced savings account
• Overall, homeowners can enjoy greater wealth growth than renters.

Bottom line is that it’s better to invest in yourself than anyone else.

If you are thinking to getting in the market, let me know.  I will get you in touch with some fabulous mortgage brokers that can help you buy a home.   Call me!  I’m happy to help you realize your real estate dreams:-)