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The 3 Steps to Home Ownership

Stepping to Home Ownership

More and more millennials and the up and coming Gen Z’s dream of  home ownership. Unfortunately, many of the young people today carry large student debt. Home ownership is achievable by following these three simple steps.

  1. Learn to live on a budget. Know exactly where and how you are spending your money. It is so easy to budget with all of the free apps available today. Prioritize your spending, downsize what isn’t necessary, and know what sacrifices, such as stopping at the coffee shop and going out to eat, you are willing to make in order to pay off your debts and save money.
  2. Build your credit history. Stay on top of your student loan, car loan, and credit cards. Make sure to pay them off each month on time. If you don’t have any loans or a credit history, open a credit card, use it, and pay it off each month.
  3. Automate a down payment savings. Have a designated amount of money automatically deducted from your paycheck each month and deposited into a house fund account. Keep the account separate and don’t touch it until you are ready to purchase a home.

Although, there are loans available for no money down, it will be necessary to have available funds for closing costs and miscellaneous expenses such as inspections. A sizable down payment  with a good credit score can reduce the interest rate on the loan for your home purchase.

All good things in life, require a few sacrifices and work. Home ownership is achievable, you just need to take the proper steps to get there.

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Buy the House you need- Not the One of your Dreams

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he house you Need and the one you Dream of are not always synonymous. But hopefully the home you need can also fulfill some of your dreams.

Case in point, from personal experience, the parameters of our last home purchases was based mostly on need. The last two houses we bought were for ease of living and didn’t really fulfill that many of our dreams. While both houses were nice, we knew we needed something that would allow us (me) the ease of getting around, knowing that I was looking at knee replacements in the near future. The first home, which we lived in for exactly 2 years , because we ended up moving out of town, was made to be ours with some painting, upgraded counters, and new lights. The second house, in which we currently reside, was brand new with some upgrades such as hardwood floors, a tile shower, and backsplash. The colors are not what we would have chosen, and we prefer solid surface counters but we will make do. Most importantly, our home allows for single floor living, has only a 2 step entry, wider hallways, and a walk-in shower.

What did we give up by having our needs met versus our dreams? In reality, not a lot. We still have a nice home although we would prefer one with more character. High on our dream list was a sunroom, which didn’t come with the house but we added, much to our delight.  We can create character if we choose but most importantly, we have a roof over our heads and it is easy to get around the house. It meets our needs.

Although as a Realtor, it is my job to make your dreams come true, I work hard to keep your feet firmly planted so your needs are fulfilled and dreams can follow. You want to buy a home for today and the tomorrows’ that follow. As in my case, if we followed our hearts, I wouldn’t have been able to navigate around my home following my recent knee replacement.

A young mother recently asked if she should buy the home she wants today or the one that will accommodate the children she plans on having in the next few years. It really depends on what she can afford today. If she can afford the home of the future,I’d say do it because with rising interest rates and home prices, it will cost more in the future. Generally, people only live in a home for 5-7 years. Today, Buyers are looking farther down the road. We commonly hear, “We want to buy our forever home.” If that is the case for you, than think about what your needs will be in the future and whether the house fulfills them or can easily be adapted later. We really need a roof over our heads to keep us warm and dry. Although the house may not be the home of your current dreams, when it is filled with love, family, and friends, your needs and dreams may become synonymous.

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4 Reasons to Sell Your Home This Winter

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Most people don’t want to move in the winter and wait until spring, usually in April, to put their house on the market. Contrary to belief, it is better to list your home late in the year or early in January.

Instead of waiting until spring, there are four reasons you should consider selling your home this winter.

1.  Less competition. The old story of supply and demand applies here. With everyone else, especially those with children in school, waiting to list their home in the spring you’ll have less competition.

2. Less competition means that you can demand a higher selling price. There will be fewer homes to compare to yours and with a limited supply, you become a winner.

3. Interest rates are still low and the prediction is that they will rise at least 3 times in 2018. Low interest rates means people can afford more house and aren’t hesitant to purchase one.

4. You’ll have more serious Buyers and often receive a better price. People sometimes just have to move. They get transferred, take a new job, outgrow their apartment, or their lease expires. What ever the reason, winter time Buyers are more serious Buyers. I personally moved three times at the end of December. And it wasn’t really all that hard selling or moving. Plus, all my Buyers were anxious to make memories in their new home and show it off to family and friends over the holidays.

Contact me  and we can discuss a marketing plan to sell your  home.