The Process of Home Buying.....Part 1

I thought that it would be good to talk a little more about Home Buying.....especially since things have change so much. There is a lot of information to cover so I will do it over a few different blogs.

Like I said previously; anything that you have heard about buying a home or even encountered in buying a home....forget it...the rules have changed significantly and each situation is different.

The first thing I will do is just go over some FEARS and FACTS that many may have.

Fear: I can't afford to buy a home right now.
Fact: Actually you can't afford not to buy a home right now. Home prices are at lows as are interest rates making a home that much more affordable.

Fear: I should wait until the real estate market gets better.
Fact: There is never a wrong time to buy the right home. For first time buyers, those wishing to purchase a second home or real estate investors...it doesn't get much better then now. For move up buyers you may not get what you want for the home you want to sell but your dream house is now much more affordable.

Fear: I don't have the money for the down payment.
Fact: There are a variety of way to afford the costs of a new home.

Fear: I cant afford to buy my dream home.
Fact: The best way a first time buyer will get to their dream home is to buy their first home. But as I have stated with prices and rates where they are at it could be possible now.

Quick Facts
Average net worth of renters = $4000
Average net worth of home owners = $184,000
Average annual appreciation is 5-6%
A home is a pride of ownership because it is yours
A home is where your wealth can be


Rates finished last week on a good note and we are heading in to our spring market. Typically after the Super Bowl is when things pick up for our local market but it never hurts to get a head start. Make sure you know what you can do versus what you want to do. The constraint table has changed and it is important to get the correct information and pre-approved so you can buy with ease.

Again, please give me comments or email me if you have something you want addressed and of course if you follow this or like it on face book it will help get the word out for others.

Have a great week.