Whether You Rent or Buy: Either Way You’re Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
Christina Boyle, Senior Vice President and Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:
“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”
This holiday season, why not give yourself the gift of homeownership? Lock in your housing costs for the next 30 years and guarantee you are the one building wealth.
Americans Are on The Move
- For the 4th year in a row, the Northeast saw a concentration of High Outbound activity.
- Oregon held on to the top stop of High Inbound states for the 3rd year in a row.
- Much of this Outbound activity can be attributed to Boomers relocating to warmer climates after retiring.
Institute for Luxury Home Marketing - Weekly Housing Report
Monday December 12, 2016
THIS WEEK
The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.
PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,554,306.
PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $417.
SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.
The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.
INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.
DAYS ON MARKET (DOM)
The properties have been on the market for an average of 164 days.
LUXURY BY REGION
A look at the local luxury markets around the country.
Institute for Luxury Home Marketing - Weekly Housing Report
Monday December 5, 2016
THIS WEEK
The ILHM National Report this week looked at 22976 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,548,541. These homes have been on the market for an average of 175 days.
The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.
PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,548,541.
PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $415.
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.
The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.
INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.
DAYS ON MARKET (DOM)
The properties have been on the market for an average of 162 days.
LUXURY BY REGION
A look at the local luxury markets around the country.
Subscribe to:
Posts
(
Atom
)