People who were hit hard by the 2008 financial crisis are starting to see their credit rebound and are curious about their steps to re-enter the world of homeownership.
Many of you are understandably nervous about tying up your wealth in a home again. Yet homeownership is still the best path to personal wealth building. The trick now is using the lessons of the past to avoid another disaster.
According to the John Burns Real Estate Consulting group former homeowners began buying homes again in 2014 and those eligible to reenter the market will increase as their credit improves. As you know the more buyers, the more competition, and the higher prices may become. If your credit is in good shape, you are more ready than your nerves say you are. Letting the housing bubble burst your chances of relining your nest egg could be disastrous. It is proven homeowners have up to 45 times the wealth of renters. Homeownership really comes down to whose wealth do you want to build? Your landlord’s or your own?