1st Time Buyer

This week my question to those of you who still rent or who know someone who still rents "How much longer do you want to continue paying your landlord's mortgage? The Department of Commerce reports that between 1995 and 2007, the average renter accumulated a little over $4,000 in net worth. The average homeowner accumulated $184,400. That translates into $180,000 more or $1,500 per month. In other words, each month that the average first time buyer continues to rent, it costs them $1,500 in lost wealth accumulation. Furthermore, renters are subject to rent increases as well as higher tax rates because they cannot take a mortgage deduction.

With the drop in home prices and the currently attractive mortgage interest rates, now is a great time to buy and start building equity. As the government report has found, you will build far greater new worth as a homeowner than a renter. If you or someone you know is still renting, please give me a call. I would welcome the opportunity to show you what I can do for you that other realtors can't. Please call me on my cell at 949-702-4499.