You say you want a revolution? (Can I say that!?) Anyway, we're not really going to revolt, but we are going to focus on renters today. I'm toying with the idea of getting my own place, so today's article is just as much a reminder to me as it is to you, my fellow tenant. I have had the fortune of owning 2 homes so far so I'm a little biased towards home ownership. But if you've never walked that path, today's thoughts will hopefully be a bit of encouragement for you. Buying a home is not as scary as it sounds and might be closer to your reach than you thought. Let's get started.

The first and most obvious myth we're going to squash today is that of the overwhelming debt that comes with buying a home. Sure, you are going to go from a few thousand dollars in debt to a couple hundred thousand. Yikes! But you really do have to keep that in perspective. The "few thousand" from before your mortgage was for that awesome TV in the basement and, let's be honest, some Christmas presents that you are still paying off. For some, it might even mean some college loans or other old debt that truly never goes away.

With a home mortgage you are still under that veritable mountain of debt, but it is what we call "good debt". Just like the avocado is filled with "good fat", the debt your mortgage brings with it is actually an asset for you. You are paying for something that has intrinsic value. In nearly all cases, the property you are paying down is increasing in value. You have likely heard the word "equity" before. That means the value of the thing you are paying for is increasing with every payment. OK, it doesn't mean exactly that, but you get the idea. Remember, I'm a web developer and aspiring writer, I'm not a mortgage smarty-pants. I do know enough to know that equity is awesome.

The other seemingly insurmountable barrier to home ownership is the idea of coming up with a 20% down payment. I would agree that it would be awesome if you could come up with that sort of down payment, but it is not necessary. There are a handful of options available to you and especially if you are a veteran. You can find some great deals with FHA as well. Don't let those old stories from your friend's uncle's wife's dog turn you away from your dream of home ownership. Make a few phone calls and learn for yourself. You will end up paying "PMI" which is a type of insurance the bank requires to protect themselves. But once you hit 20% equity, that extra charge goes away.

While it is true that your credit score and general financial stability is very important to how much a bank will be willing to lend you, it is not the final nail in the coffin of your home ownership dreams. (Wow, that was quite the sentence!). Your credit score should be north of 660, but if it is not, don't give up hope. Honestly the same advice from above applies here. Make some phone calls. There are programs out there for folks with bad credit or lower income and you might be surprised to learn what is available. In the end, this really IS an important factor so you may just need to spend a few months cleaning up your credit. The beauty of our credit score and the associated financial "report card" is we can all make changes to improve it and become more attractive to those lenders.

If you have been paying attention to both our local market and the national trends, you know that we are currently in a unique situation within the real estate world. Because of the virus, folks have been hesitant to list their homes. I don't think anybody is excited about having piles of strangers trounce through their living room right now. But on the other side of the coin are these insane interest rates. What we are left with is a (finally) growing inventory and a buyers group that has decent access to funds. The real estate market changes almost monthly. There are always ebbs and flows that change the landscape, change the inventory, and change the position you find yourself in as a buyer.

The main lesson here is don't let anybody tell you that "this" or "then" are good times or bad times to buy. If you stay within your means and stick to your "must have" list, it is always a good time to buy real estate. Right now inventory is a little on the low side and it is increasing every day. Nobody expects you to buy a home that is not right for you, but if you find "the one", you truly can't beat these interest rates. "I always encourage buyers to establish and stick to their "deal breaker" list," notes Badger Peabody & Smith Realty agent, Rachael Brown. "If the home checks off all the boxes, it's likely the right time to make a move," she continued.

If you are considering getting out of the pattern of paying someone else's mortgage, start doing your homework. Reach out to some lenders and find out how much you can afford. Reach out to your favorite real estate professional and learn more about the market and what is available. It is incredibly exciting to start this journey (Ask me how I know!). I wish you the best of luck out there. You're gonna love it!