National Home Ownership Month: Why it’s great to own your Albuquerque Home
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Tracy:
So it’s June home.
Tego:
Yes. Ownership. Yes. National association of realtors. Um, June is national home ownership month. Tracy.
Tracy:
This happens to ed with June, which tends to be the month of the year when the most homes are sought, bought and sold, right? Yes. Yeah. So it’s a perfect time, right. To reflect on the impact of owning a home and the, uh, there are so many things about it Tigo. Right, right. That, that are just awesome. Right. So besides being able to paint your bedroom, the color you want, or being able to put your garden in and know that you’re gonna be the one that lives there that gets to pick the fruit of your labor, um, there’s, you know, there’s a lot of emotional benefits to home ownership. It’s, you know, pride. Right. Think back to, you know, wishing you could buy your first home. I remember was your first home in Rio
Tego:
Rancho. It was first home I purchased was in Rio Rancheo first
Tracy:
Purchased. Yeah. Yeah. I mean, think about what a, um, what a feeling that was
Tego:
$82,000. And I thought, oh my gosh, that’s so much money. Yeah.
Tracy:
Whew. And I’m sure you enjoyed doing projects there, like you do at our house and you made it better and you got to make it your own. So there’s a lot of emotional benefits to home ownership. Right. It’s your place, it’s your safe Haven. It’s your piece of the world. You can go there. It’s your respite. Yep. It’s where you’re creating memories and things. And we talk about the wealth factor of home ownership a lot. Right? Sure, sure. You know, um, when you go back to the 1940s, fifties, sixties, and not everybody had the opportunity to buy a home and start building family wealth through home ownership, you know, there’s, there’s a lot of discussion about that.
Tego:
Well, and yeah, I mean, we don’t want to go down this trail too much, but I think we need to remember that, that whole legacy of, of redlining and that whole thing, um, it was devastating because it did keep certain communities out of home ownership back in the day, which is, is now not carried over into that generational wealth that, that, that some people had the opportunity and some didn’t and yeah. So that’s why there’s been a lot of push to really help people, um, get into home ownership, you know, creative ways, because it really does make a difference, not just for you, but your, your family and your, you know, next generation.
Tracy:
So some of the things that come to mind when you’re talking about that, I almost getting emotional thinking about at Tigo is some of the people, whether they’re relatives of people on our team or, uh, clients that we’ve helped, that are very young, that are buying a home. And we have had, you can purchase starting at 18. You can’t own property like a house, um, by law until you’re 18, but we have helped an 18 year old we’ve helped a couple like 21, 22, 23, 24 year olds. And they have been, I, I know one particular one where it was the first person in their family, their parental unit that had purchased a home. And it was, I, I just got goosebumps again. It’s like crazy, amazing to work with that and see people changing the trajectory through home ownership and at young ages, right? Being able to take advantage of programs that help them get into home ownership, whether it’s a down payment assistance program or in, in a few of these cases, people who’ve worked really hard and they have saved the down payment and they’ve taken advantage typically of an FHA loan, which is three and a half percent down.
Tego:
Can, can I just interject something there? I think that there’s still people that believe that 20% down is kind of what you need to buy a home. And it’s, uh, it’s unfortunate because there, there, you know, the, the FHA three and a half percent down program is a spectacular program and, you know, you still have to qualify. You still have to have good credit. You still have to prove that you can make your, your mortgage payments, right. Unlike 2005, um, sorry, side note, but you know, it, it’s, it’s a great opportunity. Again, that’s something unique to the United States. Um, and, and it’s a great opportunity for people to, to, you know, and, and so other than the wealth piece piece of it, Tracy on home ownership is, you know, you’ve got all these different other things, you know, so it can reflect the taste that your taste and personality. Right. You know, you can, like you said, you can paint the walls,
Tracy:
Pink, poke polka dots if
Tego:
Want lime green. Yeah, exactly. Lime green. Yeah. Now you probably might wanna repaint them before you put it back on the market because you’re gonna, yeah. You’re gonna anyway. Um, but
Tracy:
Just any improvements you do to the property or for you and for your enjoyment and sure. And, um, you know, keeping it, how you like it. Right. It’s awesome. So June home ownership month national association of realtors.
Tego:
Yep.