When housing prices are on the rise, buying a starter home can be a great way to get your foot in the door of the real estate market. It allows you to build up some equity and hopefully resell your home for more than you paid for it. However, if the value of your property drops, you could end up living in your starter home for longer than expected or having to sell it at a loss, thereby reducing your chances of getting the home you really want.
You may be better off paying more for the home you really want now than hoping you’ll be able to squeeze some resale cash out of your starter home later on. Also, housing prices have recently come down a little nationally, and mortgage rates are still low, so now may be a good time to buy that home you’ve been dreaming about.
You may be better off paying more for the home you really want now than hoping you’ll be able to squeeze some resale cash out of your starter home later on. Also, housing prices have recently come down a little nationally, and mortgage rates are still low, so now may be a good time to buy that home you’ve been dreaming about.
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