This workshop was designed to assist potential homebuyers navigate the volatile real estate market and determine whether now is the right time to buy a home or if it’s best to rent for a while. Being a first-time home buyer is both exciting and scary. According to the US Department of Housing and Urban Development (HUD), the average home price rose from $250, 000 to more than $350,000 in 2021. The National Association of Realtors warns that available homes often disappear off the market in days rather than weeks. In this market, it’s easy to make a mistake that could affect your finances negatively for years. It’s important to educate yourself and be prepared.  To be competitive, it’s also crucial that potential home buyers are pre-approved and knowledgeable about the home buying process. 

The Buying vs Renting workshop took place on May 28^th at the Cooperative Extension Building in room 238 and featured two presenters who’ve worked as mortgage lenders in the housing market for over 25 years collectively.  Robbie Osborne, with Stockton Mortgage and J.C. Thompson with Ag Credit discussed the pre-approval, home buying and lending process as well as loan products available to assist first time home buyers.  

Ten (10) participants joined the workshop, with varying degrees of home buying experience.  They learned about rent-to-own options, improving credit scores, decreasing debt to income ratios, down payment assistant programs and agriculture-based mortgage loans. Many participants commented about how they were going to work on increasing their credit score so that they might qualify for a higher mortgage with lower interest rate.  Both presenters have reported assisting three of the ten participants with home buying inquiries to date. This workshop will be repeated each semester.