Zillow has been busy. That makes sense – it takes a lot of research activity and media attention to create the massive online presence they have. Their latest release is a data analysis with this headline: “14% of Renters Can Afford to Buy.” It’s human nature to react to headlines, and that’s a statement that can either prompt people to say, “Maybe I can qualify to buy a home!” or “There’s more than an 80% chance I can’t qualify to buy a home.” Outside of an initial reaction to a news story, many renters really do want to know two things: Could I buy a home? Should I buy a home? It’s definitely worth finding out the answer to both of these questions.
The “could” question can easily be answered by talking to a qualified mortgage loan officer. Qualified lenders can tell you what your status is now and help you get prepared to get approved for a loan if you’re not quite ready or have some work or organizing to do with your financing. A loan officer can help you plan and give you a timeline.
The “should” question is a little more complicated. Ultimately, the individual consumer needs to decide that homeownership is for them. Realtors can provide information to help you decide if owning a home will help you move forward with your goals in the short and long term. Housing is the biggest monthly expense most of us have. Advice from a qualified mortgage loan officer and Realtor can help you figure out how to get the best return on that huge monthly investment.
The GCS Title team and I can introduce you to great people who can help you answer the “coulds” and “shoulds” of owning a home. We’re here to help! ~Charlie