Should You Rent or Buy Your Home?

I wanted to give you a little breakdown of the home buying process and why now is such a great time to buy in Boston.

I read the other day that the average net worth of a homeowner is 36 times greater than the average net worth of a renter. It's also expected that this gap will expand to 45 times greater in 2016.

There are many reasons why, but simply put, homeownership is a form of forced savings. Every time you make a mortgage payment, remember, you're just contributing to your net worth. If you're currently renting, it might be painful to think that you're contributing to your landlord's net worth.

Homeowners have a net worth 36x higher than renters.

Rental rates have skyrocketed this year, up 3.8% year over year, marking the largest increase since 2007. Buying a home offers you stability. With a fixed rate, you can take comfort in knowing that your mortgage payment isn't going to increase. With interest rates near historical lows, now is the time to buy a house if you haven't already done so.

Thinking you don't have enough for a down payment, or an insufficient credit score? In 2015, the average credit score for an FHA loan was 686. The average home buyer put 10% down, with the average first-time buyer putting just 6% down. Thinking you need 20% down just isn't true anymore.

If you're thinking about buying or selling a home in the Boston Metro Market, I'd love to speak with you about how we can accomplish your goals. Give me a call or send me an email and let's talk soon!