Real estate in the heart of Manhattan in New York City will be in a completely different price point than real estate in Raleigh, North Carolina. Real estate in San Francisco California will be in completely different price point than real estate in Grand Rapids, Michigan. This is because real estate is LOCAL!
Whether you’re purchasing in a big city, small town or somewhere in between, each area has their own individual and unique economy that determines what’s happening in that specific market. Real estate is not like finance in that you can have a blanket set of general rules that can be a “one size fits all” approach. It’s unique and nuanced and to try and simplify it into a blanket set of rules is a disservice to the people you’re attempting to educate.
There are always opportunities in real estate, you just have to look for them. Pay attention to what’s happening in your local market. It may, indeed, be true that in the market you’re currently in that purchasing a home is not the right financial decision at this time. It may also be true that purchasing a home in the market you’re currently in is the right financial decision at this time. It all depends on where you are!
Here’s one example of what I mean. Did you know that in some areas, there may be lending options that offer upwards of $10,000 or more in down payment assistance? Some local banks, financial institutions or even governments may offer down payment assistance or special financing options.
In the area that I live, for a limited time they even offered a home at a deeply discounted price for a person in fields such as teachers or police officers. You can find special financing options for borrowers with low to moderate incomes. There are special financing options for doctors.
My point is, there are many opportunities to become a homeowner if you are looking for them. Don’t give up! Real estate is still one of the best ways to create a legacy of generational wealth for your family.
