Like oil and water, procrastination and a hot homebuyer’s market don’t mix. With the economy showing some signs of recovery and consumer confidence up, market watchers say great deals, extraordinary tax credits and low interest rates won’t last.
Qualified first-time buyers and renters who have been playing the waiting game only need to look at the current affordability index to see that home buying power is at the highest point in the 18 years since records have been kept.
Lower home prices across much of the country mean that a family earning the median U.S. income of $64,000 can now afford about 73 percent of all the homes sold in the first quarter of this year, according to a recent report by the National Association of Home Builders.
On the other hand, over the last decade, the cost of rental housing has increased an average of 3 percent each year, according to research. Therefore, a renter who pays $1,000 today will end up spending $137,567 over the next 10 years for the use of that apartment or house. Source: floridaweekly.com
Why should one think about buying a property as opposed to renting? Some positives: Lower prices than ever before, Enticing Low Interest Rates, $8,000 dollars worth of tax credit for first time buyers, other tax benefits that owners are qualified for where renters are not.
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