Getting ourselves out of our way- Buyer Challenges- We want to wait and save money
Let me start off by saying that I fell victim to this thinking many years ago. As reasonable people, this seems like the rational thing to do when we think we do not have enough funds to purchase a home. Now that I am a real estate professional I want to ask you these questions:
Has real estate mortgage broker determined the price range of what you can qualify for in a real estate transaction?
Are you aware of the many financial assistance programs available to real estate buyers in Fairfax County?
If you answered NO to either of the questions above, how do you know the amount of money you need to save for a home?
It’s impossible because the costs related to purchasing a home are based on a percentage of the purchase amount, the purchase amount you can qualify for is determined by a real estate mortgage broker.
Also, there are many programs offered by local, state, and federal agencies. If you qualify for a program, it can help with closing costs, down payments, or perhaps even a combination of both. Possibly creating a purchase with 0 dollars out of your pocket and eliminating the need to “wait and save money.”
You will be able to take advantage of the real estate market right now, and start building wealth through a home purchase!
Did you know that owning a home is the #1 way American families create wealth?
Your net worth will increase as you pay down the principal of your mortgage, and when your home value moves up over the years. I look at it as a forced savings plan. Every month you will be writing a check to yourself. Your kids may be young now, but college days will come faster than you realize, and the checks you have written to yourself over the years will be available to utilize for large expenses you may encounter later in life. If you are a single professional, you are not immune to large expenses. One day you will want to get married, you may have kids, your health may take a turn for the worst.
Any reasonable person should want their monthly housing payment to benefit them, not a stranger.
Are your monthly rent payments setting you up for a stable future? No, the owner of your rental home is benefiting from your hard work. It’s time to take your money back!
I want to wrap this up with three tips I always share with individuals who tell me they would rather wait to purchase a home, to save money.
There will never be a perfect time
Real estate changes daily. Your financial and personal life are changing daily. Everything is a constant whirlwind. The one thing that is constant is your monthly housing expense. Bottom line- it’s either working for you, or for someone else. Do not limit yourself with ideas that may not even be facts. Talk to a real estate professional today to work as fast as possible to start making that large expense benefit you and your family. No matter what you feel is keeping you from purchasing now, a real estate professional can help you overcome it.
Waiting will cost more money than buying now.
Interest rates are at all time lows. The only place they can go at this point is up. A 1% interest rate hike can cost you tens of thousands of dollars over the life of a loan. It also will make your buying power go down. In simple terms. You will be able to afford a more expensive home while interest rates are low.
Talk with a motivated professional
There is a saying “You don’t know, what you don’t know” this applies heavily to real estate. There are too many myths floating around. People think they need super high credit scores. False! People believe that they need a lot of money for a down payment. False! And the list goes on and on. A motivated real estate professional will be able to bust all the myths for you quickly and assist you in formulating a strategic plan to get you in a home as soon as possible. I always like to find people who never say “It can’t be done.” A motivated professional will never tell you something can’t be done. They will find a way to do it.
No matter if you want to buy 1 month or 1 year from now, let’s get your strategic plan to reclaim your monthly housing payment started today! Without a plan to show you the way, it’s impossible to get to the destination. Call me right now at 571-510-0027
All the best,