Is home ownership dead?
The answer to this question is no, and the rumors of the death of home ownership are greatly exaggerated.
During 2015 we’ve seen more opportunities than ever before for people to purchase their own homes due to historically low mortgage interest rates which have hovered below 4 percent for most of the year.
Thanks to low mortgage interest rates many people, especially first time home buyers, have been able to afford their first homes, even in Irvine, CA where it’s more affordable over the long term to buy homes instead of rent.
Many Mortgage Options
Besides great mortgage interest rates we’ve also had many mortgage options in 2015 which include: HUD, FHA
There are also many great homebuyer programs available in 2015 including the California Homebuyer’s Down Payment Assistance Program (CHDAP) and other programs which will pay up to 3 percent of a first time home buyers closing costs.
Inventory, Inventory, Inventory
Another great thing about 2015 is that there is still plenty of home inventory left across Irvine for buyers who are searching for homes.
If you don’t want to buy new, there are plenty of older homes to choose from in irvine including condos, foreclosures, and fixer-upper homes, for people who are searching for properties that need work but have a lot of potential.
The Time to Buy Is Now
One common misconception in 2015 is that home ownership is dead and it’s not affordable for people to buy homes.
Home ownership is alive and well in Irvine. To get started with buying your first home in Irvine contact Fred Sed & Associates today by calling us at (949) 272-0125.