Home ownership has a significent impact on "net worth". I am sure that you are hearing the news that inflation is gradually cooling; and with the economy showing signs of slowing, many experts believing mortgage interest rates will gradually descend in 2024.
Every 3 years the Federal Reserve releases the Survey of COnsumer Finances. Check out this site:
https://www.federalreserve.gov/publications/files/scf23.pdf. This compares worth of Homeowner households vs. Renter households. When you own a home, you build "equity". It is ike having a savings account, which you will benefit from when you sell the home. If you're a renter, your rent us basically going out the window every month and you don't capture any appreciation or benefit.
The biggest challenge most prospective homebuyers have is coming up with a down payment.n Oftentimes, first time homebuyers don't understand that there are many different types of loans. The first step I take as an agent is to introduce a prospective Buyer to a lender who is knowlegeable and is able to provide direction as well as explain the process.
Many younger people struggle to start building their net worth, which is why it is important to keep in mind that woning a home can increase you overall wealth over time, regardless of what your income is.
Call me for additional information.
Iris Hirsch
BHHS Top 2% Nationwide
858.945.8198
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