With metros like Los Angeles, Riverside, and San Diego seeing a 10.7%, 11.1%, and 15.5% increase, respectively, in the number of college grads they’ve gained since 2007, it’s hard to believe that home sales aren’t off the charts. Especially when you factor the job growth SoCal metros have experienced this year.But there are more barriers preventing renters from becoming homebuyers than the lack of inventory and diminishing affordability that notoriously has stunted housing growth. So here are some of the less obvious reasons renters are shying away from taking the homeownership plunge:
• They believe they can actually live in a better neighborhood by renting vs buying
• They think buying a home might limit their freedom and flexibility in the future
• The process of buying a home is deemed too complicated
• They’d prefer to spend money on investments rather than a mortgage
• They don’t plan to be in a certain area for an extended amount of time
• They don’t want to be tied down to the upkeep owning a home requires
Now, some of these reasons are personal and some are market-driven. However, as more inventory becomes available, lending requirements loosen, and economic conditions continue to improve, these market-driven beliefs will become flawed.
So if you found yourself relating to some of the reasons listed above, then keep a finger on housing’s pulse and contact a loan officer to help you determine whether or not your hard-earned money is, in fact, better spent on a mortgage versus investments or rent.
Kurt Galitski
Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecutive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677
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