Life is full of memorable moments: college graduations, weddings, babies being born, traveling, retirement parties, rites of passage, and more. At KALEO Real Estate Company, our real estate agents witness an exciting moment in people’s lives: buying their first home. After renting for years (or decades), when a home buyer gets the keys to a property that they now own, their excitement is incredible.
We might rent a movie from a streaming service (Netflix, Hulu, Disney Plus) or rent a car when we are in a different city, but for most of us, the goal is to own your home. After purchasing their first home, many homeowners make it a goal to buy a second home for vacation purposes or as an investment.
Switching from Renting to Owning can be intimidating. Homeownership comes with maintenance and repair costs, can make you feel “settled”, and feels like a long-term decision. The transition from tenant to homeowner can be hard to wrap your mind around, even before COVID-19 swept through the country, because it is a change of roles and responsibility. Coronavirus and economic uncertainty can make a buyer who was eager to buy in January 2020 — with “Buy Your First Home” on their 2020 New Year’s Resolutions list — now hesitant.
This pandemic, the economic fallout, and reopening of states has been difficult across our cities and communities. However, we are resilient and we don’t have to put big life decisions on pause indefinitely.
Today’s Mortgage Interest Rates
What do those low three percent rates mean for home buyers? They mean opportunity! When you are financing your home purchase, even the difference of a quarter of a percent makes a huge difference in your monthly payment and your total interest paid over the lifetime of the loan.
Whether buying your first home, moving into your forever home, or buying an investment property was on your 2020 New Year’s Resolution list, we would encourage you to revisit that list. Look at your 2020 Goals. You might have lost time because of the lockdown, but you haven’t lost out on the opportunity.