In
the aftermath of the housing crash after 2007, there was increasing
skepticism as to really how viable home ownership was anymore. There’s
been lots of talk about the banks and shady lending practices. Fingers
pointed at the government, the banks, and irresponsible borrowers and
others to blame the housing bubble bursting on, while it turned out to
be far more complicated of a mess than could be easily outlined.
Consumers, especially potential homeowners, are understandably leery
about sinking a huge investment into a purchase that may end up
depreciating over time instead of accruing value. Even in Texas’
improving economy, both inside and outside of Dallas.
In spite of all the criticism, it was the bread and butter 30-year
fixed-loan mortgages of the housing market that proved to protect
borrowers from the crash and sudden fluctuations in interest rates.
Rather than a relic from some golden era long past, these old fashioned
loans allowed home owners who had them to weather the housing crisis
while borrowers with shorter term, adjustable-rate loans suddenly
couldn’t adapt to the enormous changes in their payment requirements.
Buying a home, whether it is an older home or a brand new custom
home, is not the frightening proposition it was just a few years ago.
All the old reasons why it’s a good idea are still there with some more
information that should encourage, rather than discourage, the purchase
of property. Just as the fixed-rate loans kept millions in their homes
during the uncertainty of the housing crisis and collapse of the
economy, studies are showing that regardless of background, it is
homeowners who are more financially stable in the long run. Their
children do better in schools, vote more often than renters, and get
more deeply involved with their communities. Home owners see the most
reliability in their net worth, again regardless of background. They
also gain better access to credit. All of this helps drive the economy
to a more stable state.
If you have always wanted a home of your own - whether it was some
charming little place you used to ride your bike by as a kid in some
sleepy Dallas residential neighborhood or plotting your dream custom
built home “some day” - now is as good as any time to look into doing
so. If anything, now is even better than ever before.
Rocking O Construction is a respected general contracting
service with over 60 years of experience and excellence. We know the North
Texas and Oklahoma region and have served the communities of Durant, Texoma,
Dallas/Fort Worth, Oklahoma City and other areas in both residential and
commercial construction.
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