It’s amazing to me, but, right here in Livingston County, there are over 7,000 residents who are currently renting but can afford to purchase a home. They are qualified to buy a home, so why wouldn’t they?
Some people think that the housing market isn’t stable, but home prices in Livingston County are forecasted to appreciate by 2.8% over the next year, and 16.3% over the next 5 years. Do you know what that means in dollars and cents? If you purchased a home at the median price of $288,000, you would gain $47,000.
This is a very strong market; however, here is the biggest misconception: in a national survey, the number one reason why people are still renting even though they are qualified to purchase a home is that they think they need 20% down.
It’s hard to believe that people in 2020 still think they need 20% down. That couldn’t be further from the truth! You can purchase a home with as little as 5%, or even 3% down, based upon the programs that are available.