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Newlywed Homebuying Trends

By
Real Estate Broker/Owner with The Mortgage & Property Connection

From time to time The Mortgage & Property Connection sends out specialized surveys to selected groups for marketing and educational services.  With the recent changes in the real estate market place, as well as the wedding season around the corner, we decided to gather information about local newlyweds.  I think you will find the results thought provoking.

The majority of responders were between the ages of 33-40 and first marriages.  Most did not have a written budget.  Every responder lived in our area for more than 2 years.  An incredible percentage eats out on a regular basis.  Only 23% of the responders owned their own homes. The parents helped with the down payment in most situations. A small percent knew what their credit score was or even if their spouse had good credit.  One question we asked, "what is your biggest complaint living in the Bay Area". The answer... It wasn't the price of gas, food or taxes. Traffic was the overwhelming response.

Problems with the equations

Some of the main concerns I had with the responses were in the area of budgeting and credit. 

I'll tackle the budgeting issue first:

When my husband and I purchased our first home as newlyweds, we had to make sure the payment could be made each month and we could live off what was left over.  At times, God forbid the car broke down or some other emergency arose.  Somehow we got through.  The most important fact was that we knew where we stood at all times financially.  At the time I didn't work (student).  We lived off one salary.  Guess what...some weeks we ate beans and wieners.  No Starbucks, no eating out each night for dinner.  Every dollar was accounted for.  My concern for newlyweds today, as well as most young people, is the lack of money education. 

Everyone must effectively mange the money they bring home. Regardless of how much you make, the foundation of building wealth is spending less than you make. 

Credit reports and credit scores:

With today's volatile market, it more important than ever to make sure your credit is good and your scores are high.  There are many ways to accomplish this.  Some lenders have access to credit analyzing software.  Here's how it works, your credit report is pulled with the credit analyzer software. The analyzer reviews all data contained in each repository and formulates an exact plan designed to reach the maximum credit score possible based on the specifics of the credit report.  This is an in depth program and is customized based on savings and income.

During the months of March and April, The Mortgage & Property Connections will be providing workshops for those interested in improving their personal finances.  Please call or email for more information.

Any questions on the above subject should be directed to: 

Dorene Shirley, The Property Connection

2380 S Bascom Ave #100, Campbell CA  95008 408-558-9333  

Email: Dorene@DoreneShirley.com      Website: http://www.doreneshirley.com/

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