Mortgage rate levels put home ownership back to where it should be
WASHINGTON (AP) — Average U.S. rates on 30-year and 15-year fixed mortgages this week fell to fresh record lows for the sixth straight week. Cheap mortgages continue to help boost prospects for home sales this year.
Wow. First time home buyers are in a really good position right now. Not only are mortgage rates remaining highly attractive, home prices have reciprocated, making it an ideal time to buy.
Now, before you begin to tell us about the “value” of real estate and cite the countless disaster stories of being losing everything because of their home, know this: Homes were never intended to be get-rich-quick wealth building strategies. What happened before and in 2008 was the result of a number of esoteric investment schemes and a collective acceptance of market momentum known to be fraudently bouyed by an industry-wide cadre of complicit parties. In other words, you should only get rich off of real estate through careful, long-term investing, not by owning a single home.
Today, home ownership is back to what it should be: a long-term, stable and very comfortable investment in peace of mind. In ten, 15 years, when it’s time to move, you’ll make a little money on your home. Under normal conditions though, you shouldn’t become rich from selling one house. It can happen, but it’s the exception. Buying a home today should be more about creating a space in which your family can grow and memories can be created. With rates and prices as they are today, now is the time to start creating the life you always wanted.
Let the agents at Gavish Real Estate show you how.