While the general rise in home prices across the country has a lot of folks thinking about buying, I always counsel taking a step back and looking beyond the numbers. That's because home ownership is as much personal as it is financial.
Looking for a new home can be a challenge, especially when you walk into someone's for-sale home and 20 years of their lives are on display. You have to really use your imagination to determine how you can that particular home 'yours.'
As the housing bubble was growing, many Americans with low credit scores were able to benefit from a variety of housing loans. However, the boom led to the bust that followed, and financing a new home purchase through a bank with subpar credit has become far more difficult.
I know young couples who ended things because one of them wanted kids and the other didn't. Homeownership is the same kind of deal breaker. It speaks to lifestyle choices, values and what things you're willing to sacrifice for.
For months the real estate industry has been complaining about a shortage of homes to sell, an inventory which is too small. Raise down payment requirements and the inventory problem will vanish while home prices will fall. Why? Because there will be fewer buyers in the market looking for homes.
Rent or buy? It's a popular topic, and plenty of experts are quick to trot out a simple rent vs. buy index and tell you that if you live in, say, San Francisco, you should be renting, while if you live in Detroit, buying makes more sense.
You couldn't put a price on my dreams. And, while, those visions included all that he presented: the house, the kids and the financial security, the wedding was also on that list and weddings trump all, at least in little girl's and engaged young women's minds.