Buying vs Renting: Is Buying Your Best Option? | HTH 007

How to Home Podcast

This week, Thyda Sim from Keller Williams Realty joins Aaron and Tracy to discuss whether buying a home is still the best option in the current market. We find out whether you really need to save a 20% downpayment, if renting is just throwing your money away, and what additional costs you should consider before deciding to buy.

LET’S CHAT!

You can always call and leave your questions and comments on our voicemail!

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FAST Facts:

1. According to Realtor.com the average US Homeowner is 55 years old.

2. According to Zillow: In 1980, the median price of a home in the US was $47,200 and has risen to over $200,000 in 2018 while the median rental price for a home in the US is $1,650/month

3. According to Zillow the average home value in the US has risen over 7% in the past year.

4. According to Experian, the average mortgage debt in the US for 2016 was nearly $200,000

THYDA’S TIPS:

- If you’re renting you’re paying someone else’s mortgage. Look at owning a home as your retirement plan.

- Needing 20 percent down is a misconception. There are tons of programs that can get that way down, speak to a lender and/or agent.

- It’s attractive to make a clean offer or offer to cover some closing costs.

- Writing a personal letter to the seller is a great way to get noticed.

- Best time of year to home shop is the Fall/Winter months.

TOP TIPS FOR BUYING A HOME:

- Take a deep look at your finances

- How long are you going to be there?

- Find a really great agent

- Location! You can change your home but you can’t change your location. Do your research.

THE PROCESS:

- Speak to a lender to look at your finances and get a preapproval letter.

- Find the right house and put in an offer.

- Open escrow

- Close escrow, sign loan paperwork, sign title and you’re set! (She makes it sound easy, huh?)

AARON MENTIONED:

- Have your pre-approval letter adjusted to a price you feel comfortable (if too high).

TRACY MENTIONED:

- She accidentally referred to this documentary as “Minimalist”, but it’s actually “Minimalism”- https://minimalismfilm.com

VOICEMAIL QUESTIONS:

Q: What are the first steps for financing your home?

A: Find an agent that can sit down and talk to you about the steps to buying your first home. Get your credit checked and get a pre-approval letter.

HEY, THYDA!

Website | http://simteamrealty.com

Email | [e-mail]

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