In many American communities, buying a home is now less expensive than renting. And with the economics tilting in favor of homeownership, many first-time buyers are jumping into the market.
After eight years of renting, Kitsy Roberts and her husband, Janko Williams, are practically giddy about their new Seattle home. And like proud parents, they are eager to show it off, from its historic details to its fresh paint.
The living room of their 1920s bungalow in the city's Central District features a lovely Craftsman-style fireplace and high ceilings. But the house also came adorned with chartreuse carpeting and kitchen cabinets of faux pink marble.
Roberts and Williams moved in about a month ago; they've been feverishly fixing and renovating ever since. They're scraping away layers and layers of paint and wallpaper, filling in cracks and replastering. Pointing to the old and not very efficient windows, Roberts sighs and says, "We will probably need to replace these at some point."
People buy homes, especially first homes, for lots of reasons. They want more space, a backyard, a sense of privacy and security.
And until the housing bubble burst, homeownership was widely viewed as a good investment.
Today, buying a house may once again look like a sound financial option, at least in many parts of the country where markets have stabilized, mortgage interest rates are extremely low, and rents are moving sharply higher.
"If you are in a stable place and you have the financial ability ... it's kind of the perfect time to purchase a home," says Kim Colaprete, part of Team Diva real estate at Coldwell Banker Bain. She helped Roberts and Williams buy their house.
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