If you're on the fence about buying a home, now's the time to hop off.
With national rents at all-time highs, American renters are now paying more than ever to live on someone else's property. On top of this, renting also means:
Less design freedom and flexibility
Little privacy, peace and quiet
Parking, space and storage issues
Building equity for someone else (not yourself!)
No long-term ROI or credit benefit, despite making on-time payments
With rents only continuing to rise (meaning saving money for a down payment is getting harder), there's never been a better time to get out of the rent race.
Buyers selected outdoor space as an important feature in a home. About half of all buyers said that decks, patios and yard were required or desired. But guess what other home feature is far more important to buyers? Air conditioning!
That's right, according to a massive annual consumer study from the Zillow Group, most buyers – 62 percent – want air conditioning in their homes. The good news is that 65 percent of all homes in the U.S. have central air conditioning while another 27 percent have individual air conditioning units.
With those numbers, it's no surprise that keeping cool is more important to home shoppers than decks, patios and yards!
In real estate, location is paramount. And for many buyers, proximity to work and public transportation are key factors in the selection of a neighborhood. According to a recent study of consumer housing trends, nearly half of all buyers want to be close to public transportation (45 percent), and nearly 7 in 10 want to be close to work.
Did you know that homeowners are now living in their homes 50 percent longer than they did in 2007? The National Association of Realtors says the average U.S. homeowner sells a home once every nine years. Previously, it was more frequently: once every six years.
This is one of the reasons most sellers today use a real agent: 88% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69% since 2001.