written by Emily Merkley, association executive, Cache Valley Association of Realtors
Since the dive in the housing market and recession that took place a decade ago, we’ve seen steady growth in the housing market, which has been accompanied by talk about the growing cost of homeownership. Online and print headlines, as well as the chatter at your local coffee shop, probably seem to center around the idea that homeownership is less affordable today than it has been in recent years. But when you understand the context of these headlines, you will find that you may have been misinformed.
Understanding the current housing market, where it’s been and where it’s headed, is made easy with the knowledge and assistance of a REALTOR®, who understands the context of the data that is found throughout different media platforms. A REALTOR® will help you understand that in the last ten years mortgage rates and dramatically discounted home prices made homeownership not only attainable, but affordable, too. You will also learn that while home prices have increased, they are actually now where they should be. While the cost of purchasing a home has increased over the past ten years, it is still more affordable to own a home than it has been at any other time since 1985.
Remove all memory of post-recession years, and your dream of owning a home is a greater possibility now than at almost any other time in American history. Listening to the naysayers could only prove to be more costly the longer you wait. With a little research and the assistance of a REALTOR®, you may find that owning a home today is more affordable than renting. Search out and find a REALTOR® that can help you check off the qualifications that will lead to your piece of the American Dream.