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Optimistic Future for Housing Part 3

Nov 24, 2021

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As I stated Monday, I get questions all the time of what’s going to happen in the future and what’s going on. There are reasons to be optimistic about the 2022 housing market, and I’m going to go continue those right now. As I stated on Monday there have been record sales and transaction volume in the last few years. However everybody thinks it’s
going to change. You can’t count on it always being the same for sure. It’s either going to head up or it’s going to head down. But it is consistent.

This one is interesting and I hadn’t heard this one, but it said first time buyers may get some help.

Basically lawmakers are taking legislative measures to bolster down payments. There apparently is some legislation going on out there that’s looking at potentially spotting first-time buyers some money. Time will tell if that happens. This legislation is to help first-time buyers with their down payment. Now, there are programs, have been programs, and still are programs for first time buyers.

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They have loans that you can get that help with your closing costs and your down payments. And some of them are loans that are put onto the property, there are no payments on those loans until your mortgage is paid or you sell the property, in effect they don’t have any interest. So it ends up being, a kind of ‘free money’ to borrow and you just have to pay it back when you sell the home. This is a good deal. There are also other programs out there that the longer you live in the home, the less you have to pay back, and many of them are, if you’re in the home for five years or more,
the loan disappears.

When it comes to you having to purchase a home, the money that you need to come out with, because an FHA loan is 3½% down, and then you’ve got a little bit of closing costs and that kind of expense, and conventional first-time buyer loans are as low as 3%. It’s similar to what you would need to move into a rental. So when you’re looking at it, the amount of money that you need to have, if you were to rent, basically, if you had to have, a security deposit first and last month’s rent, you’re going to have as much money as you would need, to actually purchase a home. This is why you need an experienced realtor, to help you with the numbers of renting vs buying a home.
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