Investing in Home Ownership from the Eyes of a Single Father
Prices are up. Inventory is at record lows. The headlines focus on disruptors to the market and the challenges buyers face when purchasing a home. It’s a refrain that keeps playing over and over. Some buyers are asking, is it worth it to go through the effort? Is the market going to crash? These uncertainties are often at the top of potential homeowners’ minds, and they look to REALTORS® for answers.
Here’s what we know. Yes. Inventory is low and competition is fierce, particularly in select price points. That doesn’t change that owning your own home is still a good investment. Now is still a great time to buy a home. Locking in value while interest rates are still low. Often paying a mortgage is less expensive than ever-rising rents, and you are investing in yourself. In the current market, homeowners may double their money in eight years (more if the current trajectory of price increases continues).
But what if we have a downturn in the market? REALTORS® don’t see that happening. “For prices to drop, the market would need six months of inventory for two consecutive years,” noted South Metro Denver REALTOR® Association Chairman of the Board, Brian Anzur. “As of right now inventory has to increased 1200% for that to happen.”
Anthony Dumas, who recently purchased his first home, talked about the challenges associated with buying a home. He was frustrated with paying rent, where he didn’t get anything out of it. As a single parent, he wants to be a seller, where he has control over his financial future. Embroiled in the process, he stated that the competition was difficult, and you weren’t always looking at the homes you really wanted, you were just hoping to get something. He felt lucky in that he was eventually able to purchase the home he needed. His advice? “You have to get in the game to play the game.” His outlook is that buying a home, for him, is a steppingstone to the future for he and his daughter. He credits his REALTOR® with helping him navigate the process, giving him sound advice along the way and advocating for him in negotiations.
“The bottom line,” advises Anzur, “is that owning your own home is still a sound investment and now is a great time to invest in your future.”
About SMDRA: Established in 1945, SMDRA is the second largest local real estate association in Colorado serving over 5,200 REALTOR® and business industry partners throughout the Denver metro area. Members who hold the title REALTOR® are licensed real estate professionals who choose to voluntarily subscribe to the National Association of REALTORS® strict Code of Ethics that goes above and beyond license law. The word REALTOR® is a registered trademark of the National Association of REALTORS® and can only be used by members of a local, state and national association of REALTORS®.
From: South Metro Denver REALTOR® Association
Contact: Melissa Maldonado, CEO – firstname.lastname@example.org