222 National Financial Literacy Month - Day-15-Real Estate & You

The largest purchase most people ever make is a house. Today it
is tougher to purchase a house because of the remnants of the
pandemic, the inflationary cycle, the great resignation, and the
war in Ukraine.


Unfortunately, more and more people find themselves forced to put
off this purchase. Student loan debt, underemployment, rising
home prices, and stringent mortgage standards prevent people from
buying their own homes until later in life.


Ensure you have your paperwork in order, for example, ensure you
calculate all costs and leave some savings untouched for after
you have purchased a house. Ensure you add expenses such as
taxes, insurance costs, emergencies, and necessary repairs, such
as a new roof, basement repairs, remodel a basement, and more.


The process of purchasing a house can be a long and drown out
process, demanding most people to build up their credit scores,
save up for a down payment, commit to a stable job location, earn
an income that qualifies for a large enough mortgage, choose a
good realtor, find a suitable place to live, find a home
inspector than have an offer accepted.


Home Ownership in the United States 


The average home buyer searches 10 weeks and views 10 homes.

The median price of a single-family home in 2018 was
$261,600.

The average price of a new single-family home in 2018 was
$299,400.

In April of 2014, homeownership for all ages fell to 64.8
percent, the lowest it’s been since 1995.



Homeownership is not going to be affordable for everyone,
however, there are other ways to purchase real estate. Tune in
and listen, thank you.


Learn about Paul Lawrence Vann's virtual Financial Fitness
course, it is being offered at a 50% discount throughout the
month of April, National Financial Literacy Month, here is the
link:  https://bit.ly/3dbperG