The Real Estate Browser Volume 11, Issue 1 | Page 10

10 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 11 Number 1
www.LynchburgRealEstateBrowser.com
HAVE
HAVE YOU
YOU BEEN
BEEN DREAMING
DREAMING OF
OF BECOMING
BECOMING A
A
HOMEOWNER?
HOMEOWNER?
Here’s Why You Should Stop Waiting and Start Looking
By HOM Editorial Team
As you get older, you’ll start to
notice everyone around you starting
to check all the “boxes”, i.e. find-
ing a partner, settling down with a
career, and buying a home. It’s easy
to assume dreams of homeownership
are unattainable to you for a variety
of reasons. Whether it is heaps of stu-
dent loan debt, hesitancy to commit,
or simply a lack of the right resources
at hand, these hurdles can feel over-
whelming at times, but the longer you
wait, the longer you’re putting off the
plethora of benefits that come with
long-term decision making.
It’s time to take this dream of
homeownership off the backburner
and make moves, both figuratively
and literally.
Usah.co/LREB2
1. YOUR RENT WILL ONLY
CONTINUE TO RISE
It probably doesn’t come as a sur-
prise that rental prices are on the rise
across the nation. The average rent
for a one-bedroom apartment hiked
4.2% in 2018 and studio apartments
rose 5%, according to The Apartment
Guide 2019 Annual Rent Report.
A sales associate with ReMax, Bill
Golden, shares, “If you’ve seen your
rent escalate significantly but you feel
trapped renting, it means the balance
may be tipping toward buying. With
today’s escalating rental rates and low
(mortgage) interest rates, chances are
your monthly outlay could be less on
a purchase than on a rental.” While
continuously tossing money at your
Usah.co/LREB1
landlord for your rental unit, it makes
it nearly impossible to save towards
your goals. In order to start investing
in your future and build equity, you
have to take the plunge into home-
ownership.
2. AVERAGE HOME PRICES ARE
PREDICTED TO RISE BY $9,000
THIS YEAR
Home prices tend to increase over
time, but NAR expects the median
price of existing homes to increase by
3% in 2020. That brings the nation’s
average home of $269,600 up to
$278,599. Senior economist over at
NAR, Gay Cororaton, predicts this
based on historical data going as far