The Los Angeles Home Buyers Mortgage Report
“Is buying a house strictly a matter of price?”
Too many buyers … especially first time home buyers… find themselves standing on the sidelines watching the housing parade go by due to a unfounded concern that home prices might dramatically drop again due to a sagging economy.
If this sounds like you, there is something you need to be aware of: By not taking action today on a affordable home you may be missing out on some of the best moments life has to offer for you and your family!
A Home Loan Pro’s Personal Story:
Many years ago, the wife and I decided that we should abandon apartment life and put down some permanent roots closer to our daughter’s new school.
Had it not been for the fact that we had to buy before the start of school, we may have been inclined to put off buying today in hopes for a better price tomorrow…and that would have been a big mistake. Here’s why:
What I Know Now I Didn’t Know Then:
I will never forget our first night in our new house. As we sat in our new dinning room having our first dinner in our new home something seemed out of place. It was quiet…too quiet.
Gone were the sounds of the footsteps from the woman who lived a floor above us as she darted from room to room. (that woman never sat still) …
Gone were the sounds of two yapping dogs across the hall who barked uncontrollably every time someone in the building opened and closed their door.
Gone were the sounds of car horns and screeching brakes during rush hour traffic from the busy street adjacent to our building…
Gone were the sounds of our neighbors daily life. From their music, to their television shows….
All of that noise and chaos was gone. In its place was a quiet, tranquil feeling that let us silently know that all of that was behind us now because we were home. It was so quiet we felt like we were on a vacation in a cabin somewhere in the mountains.
My daughter now had her own backyard to play in. My wife went from one room to the next excitedly discussing her decorating plans. I finally had my home office. As a family we began planning things we only dreamed of before…like having our own dog. (his name was Logan and he gave us 14 great years)
I could never put a price on the feeling of pride and enjoyment our family had those first few days…weeks…and months in our new house.
Bottom Line: I understand that afford ability is an important factor. However, if you find a home that is affordable and meets your needs, don’t talk yourself out of buying today with the notion that by waiting you may get a better deal somewhere down the road (especially if you are looking at homes in the lower end of the market).
Rate are down…inventory is up…prices are affordable and if you are a first time home buyer you can actually receive a $ 8,000 tax credit courtesy of Uncle Sam.
If you are looking to buy a home, there are a lot of factors in your favor right now. Don’t let an unfounded concern or fear regarding something that may never happen (another major drop in housing prices) stand in the way of presenting your family with one of the greatest gifts you can possible give them…the enjoyment of owning their own home!
Purchase Mortgage Specialist
City 1st Mortgage Bank