“Mortgage rates are dropping. That doesn’t mean it’s time to buy a home.”
I purchased my first home in my early 20s.
At the time, I was living in an apartment and quite satisfied with renting. If something broke, I could call the landlord to get it fixed. I didn’t have to mow a lawn in the summer or clear snow in the winter. If I wanted to relocate to another area, I could quickly move.
But I ended up buying a home because of my grandmother, whom I called Big Mama. I hadn’t done a lot of research into why homeownership was right for me. It was more to avoid moving back in with her.
My grandmother just kept emphasizing that renting was not wise, even though I was paying a very reasonable amount for that time period — about $400 monthly for a one-bedroom apartment in West Baltimore. (Yes, I’m that old.) Every time I called, her question never changed: “Are you still throwing money away?”
For Big Mama, there were only two options: Either I move back home with her or buy my own home.
More Info at: https://www.msn.com/en-us/money/realestate/mortgage-rates-are-dropping-that-doesn-t-mean-it-s-time-to-buy-a-home/ar-AA1rjmIb