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Category: Rent vs. Buy

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Why Buying a Home Makes More Sense Than Renting Today

Written by Key West Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Rent vs. Buy.

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988. And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row . . . The median asking...

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Reasons To Consider Condos in Your Home Search

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Rent vs. Buy.

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you...

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What’s Ahead for Home Prices in 2023

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Key West Florida News, Key West News, Move-Up Buyers, Rent vs. Buy.

Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.Selma Hepp, Chief Economist at CoreLogic, says:“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent...

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Why Buying a Home May Make More Sense Than Renting [INFOGRAPHIC]

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Infographics, Key West Florida News, Key West News, Rent vs. Buy.

Some Highlights If you’re trying to decide whether to rent or buy a home, consider the advantages homeownership offers. Buying a home can help you escape the cycle of rising rents, it’s a powerful wealth-building tool, and it’s typically considered a good hedge against inflation. If you’re ready to take advantage of the benefits of homeownership, let’s connect to explore your options. Content previously posted on Keeping Current Matters

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A Key To Building Wealth Is Homeownership

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Key West Florida News, Key West News, Rent vs. Buy.

The link between financial security and homeownership is especially important today as inflation rises.  But many people may not realize just how much owning a home contributes to your overall net worth. As Leslie Rouda Smith, President of the National Association of Realtors (NAR), says: “Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability.” Here are just a few reasons why, if you’re looking to increase your financial stability, homeownership is a worthwhile goal. Owning a Home Is a Building Block for Financial Success A recent...

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The Many Benefits of Homeownership

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Rent vs. Buy.

The past two years have taught us the true value of homeownership, especially the stability and the feeling of accomplishment it can provide. But homeownership has so much more to offer. Here’s a look at a few of the non-financial and financial benefits of owning a home. If you’re looking to buy a home today, think about all the ways homeownership can impact your life. Homeownership Has Impactful Personal and Emotional Benefits Owning your home gives you a significant sense of pride because it’s a space that is truly yours. And as a homeowner, you can customize your home to your heart’s desire....

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The Difference Between Renting and Owning [INFOGRAPHIC]

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Infographics, Key West Florida News, Key West News, Move-Up Buyers, Rent vs. Buy.

Some Highlights If you’re deciding whether to rent or buy, consider the many financial benefits that come with owning a home. As a renter, you build your landlord’s wealth and face rising costs. As a homeowner, you build your own net worth and can lock in your monthly payments for the length of your loan. If you’re weighing your options, remember that owning a home is a decision that has considerable financial perks. If you want to learn more, let’s connect to talk about the perks of homeownership. Content previously posted on Keeping Current Matters

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Real Estate Voted the Best Investment Eight Years in a Row

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Key West Florida News, Key West News, Move-Up Buyers, Rent vs. Buy.

In an annual Gallup poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment (see graph below): If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree an investment like real estate truly shines. Why Is Real Estate a Great Investment During Times of High Inflation? With inflation reaching its highest level...

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Owning Is More Affordable than Renting in the Majority of the Country

Written by Key West Mortgage Syndicated User on . Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Key West Florida News, Key West News, Pricing, Rent vs. Buy.

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says: “. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion...

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Renters Missed Out on $51,500 This Past Year

Written by Key West Mortgage Syndicated User on . Posted in First Time Home Buyers, For Buyers, Key West Florida News, Key West News, Pricing, Rent vs. Buy.

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic: “Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.” Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years (see graph below):If you’re thinking of renting...

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