Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.
If buyer demand outpaces the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.
Mark Fleming, Chief Economist at First American, explained it best:
“While borrowing power for the potential home buyer has fallen relative to the low point of 2012, it remains high today and will remain high next year, relative to the long run average. If you don’t want to rent anymore and are considering becoming a homeowner, even if mortgage rates rise next year, your borrowing power will remain strong by historic standards.”
Act now to get the most house for your hard-earned money.
Owning a home has always been, and will always be, better from a financial standpoint than renting.