“It’s possible to use funds from your 401(k) to buy a house,.”
“I have seen parents pausing contributions to their retirement plans in favor of affording a larger home often with the hope they can refinance in the future…”
If you’re weighing your options to decide whether it makes more sense to rent or buy a home today, here’s one key data point that could help you feel more confident in making your decision. Every three years, the Federal Reserve Board releases the Survey of Consumer Finances (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.
“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”
“Whether your net worth increased in recent years or not, there are steps you can take to boost that number in the coming years. . ..”
“. . . when deciding to rent vs buy, one must calculate the total cost of homeownership (maintenance, utilities, commuting, etc.) and the total financial benefit. Based on new Fed data . . .
“An ADU is a small residence that shares a single-family lot with a larger, primary dwelling.”
“An ADU is an independent, self-contained living space with a kitchen or kitchenette, bathroom and sleeping area.”
“An ADU can be located, , or the main residence. It can be created out of an existing structure (such as a garage) or built anew.”
“Having an accessory dwelling unit on an existing property has become a popular way for.”
“It’s gone from a small niche in the market to really.”
“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”
“. . . agents combat uncertainty and fear with a combination of historical perspective, training and facts.”
“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.