It's never very long before we revisit the subject of renting on these blog pages.
This is because we are firmly of the view that if ever there was a time to make the leap into home ownership it is right now.
And the key reason we say this inevitably brings us to perhaps our most covered subject in Everest Peak blogs - mortgage rates.
Comments last week by Fed Chair Janet Yellen suggested that the US economy, for all its current signs of health, is still vulnerable to volatility in other markets. This was seen by investors as a somewhat cautious stance, with the effect that mortgage rates have since continued to edge lower, in a year to date when their anticipated gradual rise has not been seen at all.
What this effectively means is that there is now more confidence that rates will stay low for longer. While there are never any guarantees that a sudden u-turn won't happen, it all serves to re-emphasize the attraction of locking in a low rate while you still can, if you can qualify for a home loan.
With rentals rising by an average of 4% every year and so many expert predictions that the trend will not only continue, but accelerate, this really is an amazing time to live under a roof of your own.
And with home prices steadily rising in the Albuquerque area, it's not unreasonable to expect to see your home's value increase slightly in the time between when your offer is accepted and you move in!
Many qualifying buyers can successfully apply for a low or even zero down payment mortgage, which should be a huge incentive in itself.
There are many factors that enable landlords to constantly hike up rates, but one of the key ones is the knowledge that there is still such high demand for rentals, with very low national vacancy rates. Indeed statistics published by rent.com last year demonstrated that the number of property owners offering concessions to renters, such as lower rates, had dropped by nearly 60% over the previous six years...
A report last year predicted that the number of households that spend half or more of their income on rent will rise by at least 11% from 11.8 million to 13.1 million by 2025
If you're still looking for more signs of why now is the time to buy, consider that this is, after all, an election year, which means that the political landscape and economic policy may be starting to look very different in 12 months time. Why risk your future prosperity on the whims of politicians?
We'd love to be able to help you realize your dream of home ownership and have vast experience in this area. Call us today for a friendly and informal discussion.