he opportunity to buy real generation ago. But this
estate is one that beckons difference, when seen in the
to people form all walks of light of current economic trends,
life. Home ownership is one of is really not very surprising.
the dreams which millions, if not
billions, of people all over the Higher Personal Income
globe have in common, and those
who do decide to buy real estate As interest rates have gone down,
are, in all probability, making personal income has risen, so the
the biggest monetary expenditure cost of home ownership as a
of their lives. percentage of a homebuyer’s
annual income is now at its
People may save for years just to lowest point in decades.
get the down payment to buy real Currently the full price a home
estate, and then will have to be will average about four years of
responsible for paying off their a prospective buyer’s salary, as
mortgages. Deciding to buy real opposed to the seven to nine
estate requires the confidence to years in years past.
know that the property you are
purchasing is likely to increase Lower Interest Rates
in value, and that you will be
able to maintain it and to stay Annual mortgage interest rates,
current on your monthly payments. which had been as high as fifteen
percent at their peak, average
In today’s real estate market, around seven percent today. This
most of those choosing to buy means that those with higher
real estate for the first time incomes than before are also now
are in their late twenties, an benefiting from lower monthly
age significantly less than the installments on their home loans.
average of forty just a With lower interest rates, those
purchasing homes can now afford estate can have the loan within a
to buy real estate far more week after the lender’s has
expensive than they could have analyzed the loan application,
purchased in years past. and looked at the appraisal of
the property being purchased.
Easier Loan Procedures
In recent years, many of those
Banks and lending institutions who had formerly chosen to rent
have relaxed some of their loan their homes are being confronted
procedures, and are now issuing with consistently rising monthly
home loans with competitive terms rents, as their landlords try to
ranging from five to twenty compensate for rising utilities,
years. There are even, for the taxes, and insurance costs. More
creditworthy, preapproved loans and more renters are finding that
to buy real estate, but they do what they pay in rent would
require an excellent credit entitle them to buy real estate
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