benefits of being a first time home buyer

Should you own a home? There are at least 8 good reasons [INFOGRAPHIC]

Bethany Ramos First-Time Homebuyer, Home Buying

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benefits of being a first time home buyer

These are the top takeaways:

  • Homeownership can literally pay off, increasing your net worth 47.5 times that of a renter.
  • Factor in the many other benefits, and you’ll see that the advantages of owning a house extend far past the financial.
  • Which reasons do you identify with that make you want to own your own house?

Good news: The housing market looks strong through 2019

Is this really the right time to buy a house, especially if you’re a first-timer? According to the experts, yes. Declining interest rates coupled with wage and home price appreciation indicate the housing market will stay stable for the rest of the year.

Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, explains:

“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Seasonal price drops happen in fall, winter, and early spring. Could you get more house for less?

Lawrence Yun, NAR Chief Economist, says:

“We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac reports:

“The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months… The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Based on these statements, first-time and repeat buyers can have peace of mind that they’re making a smart investment at a time when market factors support homeownership. Purchasing sooner also gives brand-new buyers the chance to grow up to $40,000 in equity.

Fall’s a fantastic time for first-time homebuyers

Not only is it a great year to become a homeowner and start building thousands of dollars in equity, but there are even bigger benefits to buying offseason. Right now, you’re likely to get more house for less money, run into fewer bidding wars, and cash in on recent rate drops that can make your mortgage payment cheaper. Slower seasons are also when you’ll see speedier closings, so you could even beat our fast-close goal of 10 days. Prequalify Now.

For educational purposes only. Please contact your qualified professional for specific guidance.

Sources deemed reliable but not guaranteed.

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