The last few home buyers I have worked with have been unusual buyers in that they never planned on buying a home and are older than traditional first time home buyer.
The buyers were renting and they planned to rent for a long time or maybe forever but they found that they could save money each month by owning rather than renting. That is not true for everyone but it is true for some. For people who are not planning on moving in the next decade and who have good jobs and some money saved and are currently paying high rents buying a home might just be a good way to lower monthly expenses.
The current housing market has created a new group of home owners.
Teresa,
MN Housing Partnership’s 2×4 Report came out earlier this week. It shows that the vacancy rate for Q4 has dipped below 4%, and the average market rent rose every quarter. I think you’ll see more and more “unlikely” buyers over the coming year(s). Don’t forget to remind them to take a Home Stretch workshop first! Love your blog, and I hope to meet you in person some day!
Thanks Ed and you are right we should meet in person and should have by now.
More buyers are just what we need right now. Honestly there are not enough of them. Some are now afraid of home ownership.
Thought I’d bounce on over and saw this article about new home buyers. I too, had the same situation here in Sacramento. Sign of the times…
Rents apparently from what I have read are going up so for some it may be an excellent time to get into the real estate market.
Rents did not go up here but they did not go down when home values did so some are cutting expenses by buying.