Why You Should Buy a Home Right Now
I’m really privileged to meet a lot of different types of people in my line of work. In the past year or so I bumped into a couple of young men way beyond their years.
One of them is named John and he’s 15 years old. Here’s what he emailed me the other day…
I think that you should write an article on how important it is to buy a home right now and not being in the position of a renter. Property values go up and down, but regardless rents keep going up year after year!
Lenders aren’t lending any more so less people can buy homes which creates a demand for rents. A low supply of units+ lots of demand= crazy rent increases.
In my area a 3 bedroom apartment is at least $2100 a month. My aunt bought a home back in 1996 and pays $ 900 a month. It’s a 30 year mortgage and a larger portion each month is allocated towards the principal each month! Back in the 90s the rent for a 3 bed was under 1000 and since then the prices have shot up well past inflation! Every year she’s paying cheaper dollars to the bank and so inflation is helping her pay off the debt.
When you sell your homes owner financed you’re helping renters get in the position of an owner – the American dream! I feel that equally important is the fact they’re locking into a fixed payment! That’s so important. My aunt would’ve never expected rents be where they are today back 18 years ago.
Question: What will rents be like in the year 2032 (18 years from today!)?
Answer: Heaven help us! It’ll be wayyyy more expensive due to inflation and increased demand because of more renters and less owners!
Not to mention that payments eventually finish after the loan is paid off.
There is definitely more than meets the eye when it comes to becoming an owner and you’re definitely doing folks a huge favor by owner financing homes Mitch.
This is important to all people that are considering owning.
I don’t think I need to write the article. Fifteen year old John Merehertu just did!