Should I Buy a Home or Continue to Rent?

By Mark Callender

Hello, my name is Mark Callender and I am a licensed real estate agent with RE/MAX Results. Because I have been helping families buy and sell their homes for more than 18 years, I am now helping their children to buy their first homes and their parents to downsize. No matter the direction you’re moving, my goal is to make the process as calm and enjoyable as it can be.

In this extremely low-inventory market that we’re in, a lot of people are asking me, “Why should I buy instead of rent?”

I’ve heard this question a lot in my 19 years in real estate. One client who asked me that question 10 years ago still hasn’t made a home purchase. If they had, they would be in a fantastic place right now. Let me explain.

According to CoreLogic: 

• Roughly 38% of all homes are mortgage-free right now. 
• The average equity gain of mortgaged homes in just the last year is $26,300. You won’t be able to find that kind of return anywhere else right now.
• The average equity of mortgaged homes right now is greater than $200,000.
• There was a 16.9% increase in total homeowner equity last year alone. 
• Total homeowner equity reached over $1.5 trillion in the United States.

These numbers are for the national market, and every local market is different. If you want to get the stats for our local Minneapolis market or you have any questions about buying or selling a home, don’t hesitate to reach out. I would love to hear from you.