Affordability has a shelf life

Dated: January 30 2021

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Speaking with prospects who don’t yet own real estate, I often contrast mortgage payments, which remain the same for decades, with rent, which often increases with each passing year. Some people think this difference doesn’t apply to them, because they’re living with parents, or have a special deal that keeps their rent well below market values. That kind of circumstance can be a seductive trap, because even if one has found a pleasant eddy in the marketplace river, the flow will eventually catch up with you. If you’re smart, you can take advantage of a favorable housing situation to get ready to buy—just make sure that you’re not lulled into complacency. If you delay owning a home for too long, you may find yourself priced out of living in the area where you want to be. If you spend too much time on the losing side of increasing property values, the option to purchase or even rent in the area you think of as home can disappear.

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DAVID DUNLAP

As a residential real estate executive with an extensive background in corporate marketing, I am able to apply unusually strong skills in marketing communications, e-marketing, strategic planning and ....

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