Does this make you reflect on your first home purchase? This is of course relative to the cost of living and salaries of the time, but it still makes us say "wow".
Home prices today are quite affordable in today's market. New homeowners are being held to almost the same standard as the '70's. Then, it was quite customary to shower newlyweds with cash at their wedding, this was the down payment for a new home. Then proof of income and a kind co-signer helped the young couple who have yet to establish credit (the FICO credit score wasn't established until 1989) to make a house their home.
History most certainly does repeat itself. Plan ahead, save money and be prepared to have enough to cover closing costs, unexpected repairs, maintenance, loan appraisal, inspections, and new monthly mortgage payments. Buying your first home can help you leverage that property to buy more property including rentals, larger homes, vacation homes, family homes and retirement security.
Your questions are always welcomed. Email to GoodNewsCarsonCity@gmail.com.
No comments:
Post a Comment
Thank you for taking the time to add a comment. Not all comments are posted and shared. Please feel free to email me directly at: GoodNewsCarsonCity@gmail.com.