Owning your home is still an important part of the American dream. It’s been that way for generations and
nothing has changed. That’s right, I said nothing has changed. Many of you may disagree, but please stay
with me a minute.
You may be thinking that it’s much harder to buy your first home than it was for your parents or
grandparents. You may think that home ownership is out of reach because of high interest rates and high
home prices. While these factors are certainly a challenge for first time home buyers, the simple fact is,
buying a first home has never been easy.
About 50 years ago, interest rates were just about exactly where they are now, around 7%. Back then
people who waited for rates to drop were in for a shock because ten years later rates had risen to over
15%. During that period, home prices continued to rise, as they have consistently continued to do for
decades. The point in telling you this is simple. The real estate market is going to do what it is going to do
and waiting to buy has historically been a bad strategy.
So what do you do? Here are three suggestions that will help you get ready to buy your first home.
- Start saving aggressively. This isn’t fun. But it will be incredibly rewarding. If you have recently
gone from living on one income to being a two income family, continue to live on one income and
save the other. Cut back on eating out and entertainment expenses. You may even decide to get a
second part-time job. Don’t take on additional big expenses. You’ll be pleasantly surprised at how
fast you can save enough money to qualify for a home mortgage.
- Talk with a local mortgage loan officer. Getting a home loan is a process and you will need
someone who will help you through each step. Feel free to contact us if you need help finding an
experienced loan officer you can trust.
- Take charge and get started. Things that really matter are rarely easy. And there are things you
can’t control. But home owners are not a secret society of special people. They are people just like
you who have made home ownership a goal and have figured out a way to accomplish that goal in
all kinds of market conditions. You can definitely do the same thing.
We’ve helped many people just like you buy their first home. We would love to help you. Contact us any
time and we will help you get started.