The housing market over the last 7 or 8 years has left everyone a little exhausted. Crazy gains where if you didn’t put an offer in today you were worried prices would sky rocket tomorrow. From that to meltdown.
One of the things that has happened is people are so bitten by the stories that they have forgotten the reasons to own a home. Today I read an article about one couple’s decision to try home ownership in the WSJ.
In every city we’ve lived in over the past seven years, home ownership looked like a feat only accomplished by, well, at least the 5%. But we figured we’d try this time. We were sick of apartment living: each rent check was going into our building for amenities we never used.
There was a catch, though: We couldn’t reach the 20% down payment many lenders require these days.
Full article at WSJ Blogs.
In Scottsdale right now if you have $3,000 a month to spend. You can get far more for your money buying than renting. And with a traditional 30 year fixed mortgage you are slowly building equity. Scottsdale real estate is already rising in value, while there is no guarantees that the trend will continue there is a long way to go before we get back to 2008 levels.