222 National Financial Literacy Month - Day-15-Real Estate & You

The largest purchase most people ever make is a house. Today it is tougher to purchase a house because of the remnants of the pandemic, the inflationary cycle, the great resignation, and the war in Ukraine.

Unfortunately, more and more people find themselves forced to put off this purchase. Student loan debt, underemployment, rising home prices, and stringent mortgage standards prevent people from buying their own homes until later in life.

Ensure you have your paperwork in order, for example, ensure you calculate all costs and leave some savings untouched for after you have purchased a house. Ensure you add expenses such as taxes, insurance costs, emergencies, and necessary repairs, such as a new roof, basement repairs, remodel a basement, and more.

The process of purchasing a house can be a long and drown out process, demanding most people to build up their credit scores, save up for a down payment, commit to a stable job location, earn an income that qualifies for a large enough mortgage, choose a good realtor, find a suitable place to live, find a home inspector than have an offer accepted.

Home Ownership in the United States 

• The average home buyer searches 10 weeks and views 10 homes.
• The median price of a single-family home in 2018 was $261,600.
• The average price of a new single-family home in 2018 was $299,400.
• In April of 2014, homeownership for all ages fell to 64.8 percent, the lowest it’s been since 1995.

Homeownership is not going to be affordable for everyone, however, there are other ways to purchase real estate. Tune in and listen, thank you.

Learn about Paul Lawrence Vann's virtual Financial Fitness course, it is being offered at a 50% discount throughout the month of April, National Financial Literacy Month, here is the link:  https://bit.ly/3dbperG