As Realtors, helping first time buyers transition from renting to owning is one of the most satisfying aspects of our work. While we are strong advocates for ownership, the choice to purchase a home is one of the biggest decisions that adults make. During the economic downturn, many potential first time buyers preferred the flexibility of renting over home ownership. Savvy renters chose to wait until market conditions were more favorable. In Boston, a strong local economy, low interest rates and increased consumer confidence have encouraged first time buyers to enter the market. An analysis by the New York Times found that “buying continues to look like a good deal in much of the country”.
The decision to buy or rent depends on each person’s goals and financial situation. First-time buyers often have difficulty assessing their current situation because the costs associated with buying are more complicated than renting. Without expert advice or guidance, it can be difficult to determine which deal is better. This easy-to-use online calculator enables prospective buyers and renters to analyze their finances and market conditions.
For first time buyers, a seasoned Realtor and mortgage broker can provide expert guidance and support. We work with some of the best lenders in the industry and would be happy to refer you to a professional who can help you navigate the mortgage process. Whether you’re entering the market for the first time, or are an experienced home owner, we would be happy to speak with you about the market and your goals.
Photo credit: Soe Lin / Flickr