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It doesn’t mean anything to be Working class or middle class anymore…
The only thing that matters is if you own a home or if you don’t.
The home you live in now statistically makes more money than you do and the last hope that a lot of young people have to catch up is getting a house gifted to them by a relative... which begs the question.
What happens to the real estate market when all the boomers… die?
There is an old saying that the best time to start investing was 30 years ago, the second-best time is right now. But that conventional wisdom might not hold up in today’s market.
Buying a home at the right time could set you and family up for financial security for the rest of your life.
The only thing is, the right time was when you were still in school and if you try to buy a home now you will be taking on record high interest rates, record high prices AND record low availability all at the same time…
People sell homes for two reasons, because they want to and because they HAVE to.
Nobody who already has a home WANTS to sell it because most Americans have been able to lock in record low interest rates.
If they sell their house and buy another one, they will get a new mortgage at interest rates which will TRIPPLE their payments on a home of the same value.
According to data from the national association of realtors, eighty-seven percent [87%] of new home purchases are made using a mortgage, and the average downpayment of a first home buyer is only seven percent [7%].