Buyers Act Now! Tackling the Down Payment
Rick & Rick Strohm, Jr.
October 6, 2011
Did you know? There are two major factors that show buyers readiness for purchasing a home: motivation and cash on hand. The American Dream Home Survey reveled that there are plenty of renters that one day have a dream of owning their own home. The survey opened my eyes a bit, stating that fewer than 60% of those surveyed intend on purchasing a home. That told me that "motivation" is not their main issue. The issue that is most intimidating to future home buyers is the down payment.
The down payment is the single largest hurdle of home ownership for future buyers. Maybe you are in that same boat. How can you purchase a home when you have too little cash on hand? Here are some tips that might help:
1) Understand Your Financing. Obviously every buyer's circumstance are different - credit history, resources, etc. Find a local Realtor (like myself!) who can point you in the right direction for down-payment assistance. This could be a government program or it could be with a local lender. Just don't be disappointed if you do not qualify for these assistance programs.
2) Be Straightforward. I would love for your next home real estate transaction to be seamless, however; most are not. There are going to be issues that come up and it might get stressful. Be straightforward with your Realtor. Choose an experienced Realtor, this will help with the stress of your transaction.
3) Start Saving. You might find that you do not qualify for a down payment assistant program. If that is the case, start saving! I think we all (and America as a whole) needs to start cutting back. Some good old fashioned savings - $50 here, $100 here - can put you back on the path to start saving for the down payment for your next home.
If you have any questions email me at firstname.lastname@example.org. Be sure to check out our Smoky Mountain NC real estate website!