The South Coast Real Estate Round-Up

One thing is certain, you can't predict the future. So why are we predicting the future by calling a bottom? And what you we calling the bottom of?  This bottom is quite easy to predict. It is home ownership rates. The rate of home ownership has been falling from nearly 70% during the housing boom to 63.9% in the 4th quarter of 2014.

Why are we calling a bottom? There are many reasons but there are two that stand out:

1. Credit Standards Are Easing: As the economy strengthens lenders become more confident in borrower's ability to repay their debt. As confidence increases credit standards ease.
2. Rent Is Getting To Expensive: One area often overlooked is that home ownership allows the homeowner to lock in housing costs for the life of the loan. According to the National Association of Realtors over the last 5 years typical rents has increase 15%. Home buyers during this same time locked in their housing costs while increasing their net worth through home appreciation and reduced mortgage balances.

Don't Get Trapped

Don't get caught in the trap so many rents are currently in. If you are ready and willing to become a homeowner, find out if you are able. Contact a professional to determine if you are eligible for a mortgage. If you are not sure who to call we have local mortgage experts who will walk you through the process.

With easing of credit standards and new low to no money down programs you could be on your way out of the renters trap!

Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.