In the craziness that was the market a few short years ago you did not have to really work towards the goal of owning a house. Heck if you were
breathing and could sign your name you could practically buy a house without a penny down and the banks would cover the closing costs in you mortgage. Today not so much, right? BUT I have been seeing a resurrection of home buyers who are working and saving for their dreams. My latest offer came from a couple who I started talking to over a year ago. They looked at a house with me back then and we talked about what they could afford. They had some work to do in order to afford a house they could be proud to own.
Well they called last week and we put in an offer on a lovely house this week. It is much more house than they could have afforded before not only because they have saved a significant amount towards the down payment but because the prices and interest rates are very much in their favor right now. I know that these are buyers who are going to have the pride in ownership that will translate into a great home for their young family.
So if you are thinking that you have missed out on your chance to own a home because you can never come up with a down payment or have terrible credit or whatever you need to set a goal and start the journey. If you truly want this you can find a way. Give me a call wherever you live to discuss the steps you need to make in order to buy that first home. I will be glad to help you out with a plan and a referral to a great Real Estate Professional in your area who will help you realize your dream.
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Paddy Pizappi, Associate Broker for Buyer Representation
RJ Smith Realty - A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
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Paddy, the old is coming back around again. We too are working with some buyers and helping them save to enable a purchase, hopefully in the next year.
Paddy, I agree...if a person really wants a home...there is a way and of course having a really good realtor who understands the situation helps.
The times they are changing, back to the future as they say. Funny how the market has gone backwards in time....
The times they are changing, back to the future as they say. Funny how the market has gone backwards in time....
If we'd been doing this all along, we wouldn't be in this mess!
It is refreshing to have young couple come in with down payment and closing cost money.
I hate to say it, but it is possible that all these "creative" lending practices may not be the answer. I remember I had to come up with 20% and my payment could not be more than 25% of my total income. It was tough at times, but I do live in a paid for house...
I'm working with a young couple doing the very same thing, Paddy. They've mapped out their plan to reduce debt and increase their savings... and each month, they're making excellent progress. I setup their auto notifications and they peruse these to narrow down their searches to the neighborhoods they like and can afford. When the time comes, I'm confident they will be well prepared to purchase the home they want. And it all started by setting a goal and then making a plan to achieve that goal... and then following the plan.
Paddy:
I am not happy about falling prices. However, the up side has been that they have helped some people, like your couple, buy a home that they could not have afforded several years ago. That, along with these interest rates should be a boon to first time home buyers right now.
If someone wants to receive a Mortgage to purchase a home I will layout a plan for them to qualify regardless of credit. If you have a goal and set it then you can go get it.
I would love to buy a home from you Paddy. Only problem is I'm on the other side of the country in WA State - ;-((
nice points... the rewards are on the way for those diligent souls who buy what they can afford and work hard to save.
cash will be king and good credit the princes
Paddy.. this is a good post sharing with others that their dreams can still come true. Even if it can't happen now, if you talk to a true professional, with guideance and a plan, it could be a year from now,. The only thing that I wanted to point out is that lenders can still pay for closing costs, just like they did last year or even 5-1o yrs ago. It all comes down to the profit margin and sometimes has to do with the loan amount. But I am giving $4,300 back as a lender credit on a deal right now. Anyhoo... good post and a positive one for those that might think it can't happen because of a few years ago when trying...
Excellent post. The market is great for exactly these kinds of buyers. I have worked with a lot of first time buyers, who sometimes have taken up to 2 years to get comfortable with where they will be and what they are buying, but they are so happy in the end.
Hi Paddy,
Thank you for sharing!
Paddy - what a great post for first time home buyers who are not sure where to start . . .
Paddy - Congrats on the feature... Yes we know it's a great time to buy with the interest rates as they are but people are still insecure about their jobs we're finding and many are still afraid to jump in... Great to see yours did... If we could only shout this from the roof tops..... It's a great time to buy!
It is definitely a great time to buy and there is no time like the present to get into a lender and see what you need to do to buy your first home! I love your attitude! Thank you for sharing.
Buying power has never been greater. I know that the correction in the mortgage industry has affected some buyers who no longer qualify for financing, but the truth is, it is better for EVERYONE if the people who get loans are actually qualified for them (not just breathing and able to sign) - especially the buyer.
Interestingly this is one of the first posts I have seen in a long time where first time buyers are actually the target. On my active rain lethbridge houses for sale blog I seem to have switched gears and post much more seller targetted content these days. Never really noticed until now.
Robert May
Great post Paddy. Working towards something makes the receiving it all the more wonderful!
Paddy great advice, it is time people go back to doing things the old fashion way. Start by saving for that home and there is still time to find a great buying opportunity.