With mortgage rates climbing, homeownership costs are becoming increasingly out of reach for the average American family. And worse, demand is at its lowest since 1996. It’s a mortgage crisis!
For some, this is terrible news.
But as I’ll explain briefly, there’s a money lesson here.
Something that can inspire you to seek better opportunities in this tricky market.
More on that shortly, but first, let’s look at the numbers.
At current mortgage rates over 30 years, you’ll pay over 2x the purchase price of your home. Putting that into perspective makes buying a home today pure insanity.
But imagine being a cash buyer and never revisiting that “first of the month” club again.
Or never worrying about the upside-down movement of mortgage rates.
How would the quality of your life change if the above didn’t apply to you?
You’d definitely sleep better at night, just like I’ve done over the last decade after I decided to commit myself 100% to mastering the art of trading stocks.
The bottom line:
Higher mortgage rates don’t just lead to decreased demand for mortgages; if you’re a potential homebuyer who can’t keep up, they price you out of the market.
In other words, the higher the mortgage rates, the less likely you’ll own that home you always dreamed of for yourself and your family.
At the end of the day, your raise at work (if you qualify) doesn’t even come close to out-pacing the cost of owning a home or, worse, the increasing cost of everything.
On the one hand, you can play the victim and complain like almost everyone else in your neighborhood. Or, you can take responsibility for your financial future and seek better opportunities to grow your wealth outside the traditional money maze many are stuck in.
That’s where I can help (suppose you could use some guidance).
See how my approach can help you offset your income/expense ratio and put you on track to owning your first or second home six to twelve months from today.