Homeownership has always been the first step on the path to building wealth. But in these unprecedented times, you might be hesitant to make such an important and substantial purchase. Here are three reasons why you should consider buying a home in 2021:
1. Low Mortgage Interest Rates Won’t Stick Around Forever
Mortgage rates are hovering at historic lows and are forecasted to remain favorable throughout the year. However, as we get closer to a return to normal, experts believe rates will start to rise again. In addition, inventory also remains at historic lows and as more buyers hit the market during the busy spring buying season, it may become even more challenging to find a home. Keeping this in mind, it might be better to act sooner rather than later, taking advantage of both low mortgage rates and the opportunity to buy.
2. Investing in Your Financial Future
Studies show that it’s still more affordable to own than rent in most parts of the country, but another financial advantage to homeownership is often overlooked—the wealth built through equity when you own a home. In the last year alone, the average homeowner gained $17,000 in equity, according to the latest Homeowner Equity Insights Report from CoreLogic. And experts have forecasted homes to appreciate by an average of 5% in 2021. In addition to equity and appreciation, homeownership also builds financial security with more predictable monthly housing expenses. As a homeowner, you are effectively building your household’s financial future with each mortgage payment you make.
3. Finding Your Happy Place in Uncertain Times
It feels good to have a place that’s truly your own—one that you can customize to your liking. In fact, studies have shown that the personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being. And if you’re one of the many people working from home these days, a home office is a MUST! Having a dedicated space for work helps you focus and be more productive. In addition, owning a home creates stability and a sense of community, driving value into your local neighborhood. And there’s nothing quite like knowing you have a safe place to come home to at the end of the day.
Are you ready to invest in your financial future, take advantage of incredibly low mortgage rates, and find happiness and satisfaction in a place that’s truly your own? Contact Dream Homes by Jen today or call 816-405-2439 and let us help you make 2021 your year for homeownership!