One of our home buyer clients recently stopped by our office to thank us for helping them accomplish what they thought was the impossible, becoming homeowners. They had just gotten of the wild roller coaster of the mortgage and home buying process. As we spoke smiles came across their faces as they talked about having their first cup of morning coffee in a home of their own.
They talked about decorating and painting and how much they are going to enjoy having a yard. They talked about having friends over for dinner and family over for the holidays. The more they talked, the more excited they became.
I asked them if many of their friends were also buying. They said they had talked to their friends about buying but that they weren’t. Why not? Their friends believed that home ownership was financially unobtainable right now. Many wanted to own but didn’t think they could afford the monthly mortgage payment. They decided to rent instead.
I said that with interest rates and prices where they are today, owning a home might not be any more expensive than renting one. The couple agreed but said their friends were afraid; afraid they might not qualify for a loan, afraid to handle negotiations with a seller, afraid of the home buying process itself.
Wow!
People should not make decisions out of fear! I’m not saying that every young person should own a home. I am saying that anyone that is qualified and wants to buy should not be afraid of the process. I realize the process may seem daunting but realize over 14,000 homes sell every day in this country. Sit down and discuss your goals with professionals from both the real estate and mortgage industries. Get the facts. Make an informed decision. Don’t let the fear of the unknown prevent you from owning a home of your own, building equity for you and your family and living the life of your dreams.We are here to help you navigate the real estate transaction!Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.
One thing is certain, you can't predict the future. So why are we predicting the future by calling a bottom? And what you we calling the bottom of? This bottom is quite easy to predict. It is home ownership rates. The rate of home ownership has been falling from nearly 70% during the housing boom to 63.9% in the 4th quarter of 2014.
Why are we calling a bottom? There are many reasons but there are two that stand out:
Don't Get Trapped
Don't get caught in the trap so many rents are currently in. If you are ready and willing to become a homeowner, find out if you are able. Contact a professional to determine if you are eligible for a mortgage. If you are not sure who to call we have local mortgage experts who will walk you through the process.
With easing of credit standards and new low to no money down programs you could be on your way out of the renters trap!Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.