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Where does the money go? Prices go up. It's a part of everyday life. Gas prices. Milk prices. Even chocolate prices are rising. So it stands to reason the cost of housing is on the rise. This is especially true if you're a renter. A report from MSNBC recently highlighted a renter facing a 5% rise in rent - about $80 a month. This guy was fortunate enough to be able to negotiate the increase down a bit, but that's not normal. The report goes on to reveal a national trend of a 5% increase this year, and the same next year. When a lot of renters are in their early 20's and in lower-paying jobs, that increase amounts to a large chunk of a budget.
This data seems to point to a shift from a renter's market to "decidedly a landlord's market." Which to us means it's shifted into a "Buyer's Market!" When rent becomes a problem financially, and buying is more feasible than ever, it's definitely time to look at a house as a viable option. In fact AmeriFirst Home Mortgage President Mark Jones recently helped WWMT in West Michigan on a report about the local housing market. Mark says it's definitely a good time to buy a home. Between the high supply and great prices, and the low interest rates (still near historic lows), it's hard to argue the numbers. Just like investments, buying low is the key.
The first step to take before house-hunting is to get pre-approved for a mortgage loan. This will tell you how much house you can afford, and whether you're ready for that next step now, or in a few months. Click the button below to find out more about pre-approval, debt-to-income and credit scores.
(Dollar picture courtesy: PhotoSteveon Flickr)
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