Would-be to Should-be

Would-be to Should-be

  • SHANNON FOSTER-BOLINE
  • 04/30/17
 
Some would-be buyers have emotional reasons to own a home like having a place of their own where they can raise a family, feel safe and secure, and enjoy their friends’ company. Other buyers’ dominant reasons might be financial in nature such as building equity or lowering their cost of housing.
 
Regardless of what might be motivating people to want their own home, it is easy to justify that now is a good time to purchase. Let’s look at a $250,000 example using an FHA loan.
 
The total payment will be about $1,835 dollars a month. If the payment is lower than the rent a person is paying, that should encourage a person to continue investigating.
 
In this example, when you consider the monthly principal reduction, the monthly appreciation, and the tax savings, even with money added for monthly maintenance, the net cost of housing is less than half the total house payment.
 
Considering all those advantages, the would-be buyer is spending over $1,100 per month more to rent than it would be to own. In a year’s time, they would lose close to $14,000 which is more than the down payment of $8,750 required on this price home.
 
Most would-be buyers understand that a home is a big investment but they may not understand the advantage of the leverage caused by the low down payment mortgage. The benefits extend beyond a return on the down payment but to the value of the home.
 
In this example, the $8,750 down payment grows to an equity of $73,546 in seven years based on 2% annual appreciation and normal amortization on a 30-year loan. If you calculated that as a rate of return, you’d be challenged to find anything that could compare with it.
 
SHANNON FOSTER-BOLINE

SHANNON FOSTER-BOLINE

Real Estate Broker

About The Author

With a lifetime sales volume exceeding an impressive $233 million, Shannon Foster-Boline's reputation as an esteemed agent speaks for itself. Recognized for over seven prestigious designations and certifications including her Certified Residential Specialist® and her Graduate Realtor® Institute designations, Shannon's expertise and unwavering commitment to excellence are second to none. Clients consistently praise her responsiveness, infectious energy, and unwavering dedication to their success. When you choose Shannon as your trusted guide, you can be confident that she will be by your side every step of the way, advocating for your best interests and opening the doors to your dream home.

Shannon's unparalleled expertise extends across Knox County, Blount County, Loudon County, and the picturesque surroundings of Tennessee. She has successfully sold every type of residential real estate, from new construction to historic homes with unique architectural heritage. Actively involved in her local Realtors Association, Shannon is dedicated to promoting diversity, equity, and inclusion. She has taken on leadership roles, teaching classes on these vital topics and contributing to the betterment of her community. Shannon's curiosity, creativity, and relentless drive fuel her commitment to understanding her client's unique stories and helping them find their ideal homes.

Beyond real estate, Shannon is a well-rounded individual with diverse interests. As a devoted dog lover, she shares her life with two cherished pets, Jenner the Beagle, and Xena Warrior Princess, a rescued Yorkie Australian Shepherd mix. Shannon is also an avid gardener, cultivating her own food and exploring gardens around the world through her travels. Her zest for adventure has taken her to various corners of the globe, including Germany, where she lived and studied in her twenties. These experiences have nurtured her love for travel and exploration, and she meticulously plans trips that encompass cultural immersion, physical activities, and visits to historical sites.

Above all, Shannon takes immense pride in her daughter and wife, whose happiness and success bring her great joy and fulfillment. Professionally, her tenure as President at the Knoxville Area Association of Realtors stands as a testament to her commitment to effect meaningful change and foster a thriving real estate community. As she continues to serve a diverse clientele, Shannon takes pleasure in learning about their lives. Each person's story and goals are unique, but for each of them, Shannon strives to exceed expectations and deliver exceptional results.

For a truly remarkable real estate journey, trust Shannon Foster-Boline to guide you to your dream home and make your goals a reality.

Leadership & Committees

  • 2023 East Tennessee Realtors MLS Chair
  • 2023 East Tennessee Realtors Leadership Program Instructor
  • 2022 Immediate Past President East Tennessee Realtors
  • 2022 Tennessee Realtors Chair Diversity Inclusion Committee
  • 2021-2022 East Tennessee Realtors Board Liason Diversity, Equity & Inclusion
  • 2021 East Tennessee Realtors Chair Presidential Advisory Group Diversity, Equity & Inclusion
  • 2021- 2022 East Tennessee Realtors Governmental Affairs & Policy Committee
  • 2021 Tennessee Realtors Vice Chair Diversity Inclusion Committee
  • 2021 President East Tennessee Realtors
  • 2019-2020 Tennessee Realtors Diversity Inclusion Committee Member
  • 2015 East Tennessee Realtors Chair Education Committee

 

Awards

  • 2022 President’s Award East Tennessee Realtors
  • 2022 Realty Executives Associates Diamond Award
  • 2021 Realty Executives Associates Diamond Award
  • 2020 Realty Executives Associates Diamond Award
  • 2019 Realty Executives Associates Double Diamond Award
  • 2019 Wall Street Journal’s 1000 Best
  • 2018 Wall Street Journal’s 1000 Best
  • 2018 Realty Executive Awards - Southern Region Top 100 in GCI
  • 2018 Realty Executive Awards - Southern Region Top 100 in Units Sold
  • 2017 Realty Executives Associates Diamond Award
  • 2016 President's Award East Tennessee Realtors

Designations & Certifications

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