Jeff Duncan Real Estate
Jeff Duncan
(360) 441-2121(360) 441-2121

Get Out of the Rental Trap in 2019

Are you a renter who is dreaming of home ownership? Are you like most renters: you don’t have a bunch of cash for a down payment, or maybe you’re able to put a little away every month after the rent & utilities are paid, but it feels like it will take years to save enough? Or maybe you’re happily renting and buying a home isn’t even on your radar.

It may still be interesting to consider these responses from renters to a 2018 survey by Bank of America:

In the survey, 74% of renters said they were planning to buy in the next 5 years. 38% said they were planning to buy in the next 2 years. When the same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will increase every year. They’re not wrong- The median asking rent price has risen steadily over the last 30 years.

When asked why they didn’t own a home, not having enough saved for a down payment (44%) was the top response. The report also revealed that nearly half of all respondents believe that they need to have a down payment of 20% in order to buy a home.

Now for some good news.  There are many zero- and low-down payment loan programs out there. The Washington State Housing Finance Commission even has a down-payment assistance program for those who qualify. Even more good news: rising mortgage rates recently dipped a little, so now is a great time to talk to a lender about what’s possible.

I get it- it’s no fun to look at the budget let alone talk to a stranger about it, especially if you constantly feel like you don’t have the resources to make your goals happen. But what if you do? A 10-15 minute conversation with a friendly lending professional is all it takes to find out. You might be surprised to find out that it’s doable after all! Maybe you can stop paying someone else’s mortgage and make a huge investment in your future.

If you’re in the category of renters who feel like home ownership is out of reach, call, text or email me. I’ll put you in touch with a great lender who will explain the options to you and help you accomplish your goals.

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