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Afraid To Overspend On Your Home Purchase?

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Are you buying a home or thinking about it?  Wouldn’t you love a crystal ball to tell you exactly when to buy at the lowest possible price? How about the winning lotto numbers too? It’s a big purchase and you want to make all the right choices. Here are 4 key points to help you during your home buying process. It may even help you decide if buying is right for you!

– Residential real estate is not only an investment (typically a long term one) but also a lifestyle. So it carries more than just monetary value, start by considering what is most important in your life.

– There could always be a better deal tomorrow but always worrying about that could lead you to miss the opportunity in front of you.  If you are renting right now home ownership at today’s lending rates most often makes it more affordable to own than to rent.  Think of the money each month that goes to your landlord. Use a calculator to determine what you could spend and then browse homes for sale? Do you like what you see in the market?

– Buyers are the market. You and your fellow buyers actually help determine house values.  Just like investor activity controls the stock market.  Once you start shopping the marketplace you will certainly be able to tell what is a good value verses what is not. Plus as your Realtor we will provide you an honest analysis to compare to the home you are considering to others that have sold nearby to confirm it’s market value.

– Price still worry you? There is another back up , the appraisal. After the huge lender scandals, regulations have become much stricter and the appraiser is going to make sure the home is worth what you are paying for it before the bank lends you the money. It’s like triple back up starting with you, your real estate agent and then lender’s appraiser.

Consider the dynamic that is happening right now. Loan rates are incredibly low, housing has never been more affordable  and FHA loans only require a 3.5% down payment over the traditional 5-20% you typically think you need.  How long will it be before the economy starts to recover and prices go up? How long then will it be before all these factors are present at the same time? How many years? Not sure are you? That is why owning a home is as much an investment as it is a lifestyle.  This is the time to buy for long term investing, first time buyers and those who want to move up in size.  Warren Buffet is even saying it’s time to buy property! He maybe knows a thing or two about investments.

 

Sincerely,

Nicole Tudisco, Broker/Owner, CSC ,CNC ,SFR, CDPE, e-PRO. 5 Star Agent Chicago Magazine 2011

Wheatland Realty

The Cure for the Common Agent

43 E. Jefferson Ave. #204

Naperville, IL 60540

Cell: (630) 973-8932    Fax: (630) 898-2619

www.Wheatland-Realty.com

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