Most of my current and prospective clients are concerned about our economy in general and “myconomy” in particular. They have heard all the bad news and some of the good. They watch as gas prices dig deeper and deeper into their pockets, and they wonder if now is the right time to buy a house.
The answer to that depends on your situation of course, and you need to know; you need to find out where you stand in today’s financial market. A reputable lender is a good place to start in order to take that necessary look at your “myconomy". The best of breed will tell you how much house you can afford and how much they will charge you for the loan; furthermore, if you are not qualified they will let you know what it would take to become qualified in the near future.
Yes, the time is right to buy a house. It’s a buyer’s market. You hear it all the time; but make sure that the people you deal with give you both sides of the story. You want the good, bad and the ugly. You not only want the dream, you want the reality.
related article: Credit Score Needed for Buying a Home in 2008
Showing posts with label credit. Show all posts
Showing posts with label credit. Show all posts
Sunday, May 11, 2008
Tuesday, April 22, 2008
We All Have a Dream
The dream I'm speaking of is the one which commonly takes most of our money and discipline to realize. The dream of owning our own home may be harder to qualify for these days, but it's not impossible; and for some this could be the best time to get in the market. Generally speaking, prices are lower and the choices are great. So, if all of your credit ducks are in a row, it may be time to do your Internet search, make some calls, and plan to drive (considering the price of gas, a 'plan' is a good thing) through your desired area of town.
I live in the sprawling and constantly growing DFW area. I must admit that I was envious a few years ago when we all watched housing prices explode into the stratosphere in California, Arizona and Florida, to mention a few. We heard of the fortunate folks doubling, tripling or simply becoming millionaires selling their homes; buying another and making even more money. Television shows popped up, enticing our greed, telling us how we could buy, fix-up and flip. We did; and some of us made out like bandits.
It was like a bad flu season. It all started in the before mentioned areas and slowly spread to the center of the country. Lucky for those of us who live in this area, you could say we had been inoculated, because we never saw the prices explode. Yes, they went up and in some hotspots of the area, they went up a lot... upwards of 30%-50%.... that's it!
As they say in the financial markets, "high risk, yields high returns" and "low risk, yields low returns". I like to think of it as low risk/low stress. This is your home, not a piece of paper. We all hope to buy low and sell higher, and in most cases home ownership is still a great investment. A great investment which needs to be protected and possibly enhanced to make your home a great deal for the next buyer. We all have a dream.
Today is Earth Day, and next we'll talk about how we can make our homes more green.
I live in the sprawling and constantly growing DFW area. I must admit that I was envious a few years ago when we all watched housing prices explode into the stratosphere in California, Arizona and Florida, to mention a few. We heard of the fortunate folks doubling, tripling or simply becoming millionaires selling their homes; buying another and making even more money. Television shows popped up, enticing our greed, telling us how we could buy, fix-up and flip. We did; and some of us made out like bandits.
It was like a bad flu season. It all started in the before mentioned areas and slowly spread to the center of the country. Lucky for those of us who live in this area, you could say we had been inoculated, because we never saw the prices explode. Yes, they went up and in some hotspots of the area, they went up a lot... upwards of 30%-50%.... that's it!
As they say in the financial markets, "high risk, yields high returns" and "low risk, yields low returns". I like to think of it as low risk/low stress. This is your home, not a piece of paper. We all hope to buy low and sell higher, and in most cases home ownership is still a great investment. A great investment which needs to be protected and possibly enhanced to make your home a great deal for the next buyer. We all have a dream.
Today is Earth Day, and next we'll talk about how we can make our homes more green.
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