[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1c20cgg33zi5e":3,"$ffeh0925h8cuz":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":39,"next":45},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":37,"updatedAt":38},1761,"is-buying-a-home-today-a-good-financial-move","Is Buying a Home Today a Good Financial Move?","There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has also prompted more Americans to reconsider the meaning of “home.” This quest for a place better equipped to fulfill our \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F08\u002F24\u002Fthe-top-reasons-people-are-moving-this-year\u002F\">needs\u003C\u002Fa>, along with record-low mortgage \u003Ca href=\"http:\u002F\u002Fwww.freddiemac.com\u002Fpmms\u002F\">rates\u003C\u002Fa>, has skyrocketed the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F11\u002F12\u002Fwinter-will-bring-a-flurry-of-activity-to-the-housing-market\u002F\">demand\u003C\u002Fa> for home purchases.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F20175138\u002F20201124-KCM-Share.jpg","There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has also prompted more Americans to reconsider the meaning of “home.” This quest for a place better equipped to fulfill our \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F08\u002F24\u002Fthe-top-reasons-people-are-moving-this-year\u002F\">needs\u003C\u002Fa>, along with record-low mortgage \u003Ca href=\"http:\u002F\u002Fwww.freddiemac.com\u002Fpmms\u002F\">rates\u003C\u002Fa>, has skyrocketed the \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F11\u002F12\u002Fwinter-will-bring-a-flurry-of-activity-to-the-housing-market\u002F\">demand\u003C\u002Fa> for home purchases.\u003C!--more-->\r\n\r\nThis increase in demand, on top of the severe \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F11\u002F17\u002Fhomes-for-sale-are-rapidly-disappearing\u002F\">shortage\u003C\u002Fa> of homes for sale, has also caused more \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F11\u002F23\u002Fdont-let-buyer-competition-keep-you-from-purchasing-a-home\u002F\">bidding wars\u003C\u002Fa> and thus has home prices appreciating rather dramatically. Some, therefore, have become cautious about buying a home right now.\r\n\r\nThe truth of the matter is, even though homes have appreciated by a whopping \u003Ca href=\"https:\u002F\u002Fwww.corelogic.com\u002Fblog\u002F2020\u002F11\u002Fannual-u.s.-home-price-appreciation-jumped-to-six-year-high-in-september.aspx\">6.7%\u003C\u002Fa> over the last twelve months, the cost to buy a home has actually dropped. This is largely due to mortgage rates falling by a full percentage point.\r\n\u003Cp data-wp-editing=\"1\">Let’s take a look at the monthly mortgage payment on a $300,000 house one year ago, and then compare it with that same home today, after it has appreciated by 6.7% to $320,100:\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F20201124-MEM-Eng-1.jpg\">\u003Cimg class=\"aligncenter wp-image-43427\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F20201124-MEM-Eng-1.jpg\" alt=\"Is Buying a Home Today a Good Financial Move? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>Compared to this time last year, you’ll actually \u003Cstrong>save $87 dollars a month\u003C\u002Fstrong> by purchasing that home today, which equates to over one thousand dollars a year.\u003C\u002Fp>\r\n\r\n\u003Ch4>\u003Cstrong>But isn’t the economy still in a recession?\u003C\u002Fstrong>\u003C\u002Fh4>\r\nYes, it is. That, however, may make it the perfect time to buy your first home or move up to a larger one. Tom Gil, a Harvard trained negotiator and real estate investor, recently \u003Ca href=\"https:\u002F\u002Fmagazine.realtor\u002Ffor-brokers\u002Fnetwork\u002Farticle\u002F2020\u002F10\u002Freal-estate-as-a-hedge-against-currency-devaluation\">explained\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“When volatile assets are facing recessions, hard assets, such as gold and real estate, thrive. Historically speaking, residential real estate has done better compared to other markets during and after recessions.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThat thought is substantiated by the fact that homeowners have 40 times the \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F10\u002F07\u002Fa-homeowners-net-worth-is-40x-greater-than-a-renters\u002F\">net worth\u003C\u002Fa> of renters. Odeta Kushi, \u003Cem>Deputy Chief Economist\u003C\u002Fem> for \u003Cem>First American Financial Corporation\u003C\u002Fem>, recently \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fhomeownership-remains-strongly-linked-to-wealth-building\">said\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“Despite the risk of volatility in the housing market, numerous studies have demonstrated that homeownership leads to greater wealth accumulation when compared with renting. Renters don’t capture the wealth generated by house price appreciation, nor do they benefit from the equity gains generated by monthly mortgage payments, which become a form of forced savings for homeowners.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nWith home prices still \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F10\u002F22\u002Fhome-values-projected-to-keep-rising\u002F\">increasing\u003C\u002Fa> and mortgage rates perhaps poised to begin \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F11\u002F19\u002Fwill-mortgage-rates-remain-low-next-year\u002F\">rising\u003C\u002Fa> as well, buying your first home, or moving up to a home that better fits your current needs, likely makes a ton of sense.","\r\nWith home prices still \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F10\u002F22\u002Fhome-values-projected-to-keep-rising\u002F\">increasing\u003C\u002Fa> and mortgage rates perhaps poised to begin \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F11\u002F19\u002Fwill-mortgage-rates-remain-low-next-year\u002F\">rising\u003C\u002Fa> as well, buying your first home, or moving up to a home that better fits your current needs, likely makes a ton of sense.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F20201124-MEM-Eng-1.jpg",false,[17,21,25,29,33],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},11,"First-Time Buyers","first-time-buyers",{"id":30,"name":31,"slug":32},35,"Mortgage 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