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Lifestyles and Housing - Do they go hand in hand?

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Lifestyles and Housing - They go hand in hand

I am often asked by real estate agents that work with me in the office for a couple minutes of my time so they can speak to me about a client they are working with. As a caring friend, wishing for all my agents to be successful I gladly give to them my ear.

The story far to often is the same. The names maybe different, along with the price point however the song is the same. Here it is... "I have this buyer(s) and we are looking at homes in x price range. This is the max they are approved to and I confidently believe we can find something however the buyer needs to come to reality. What do I do?" Even better is the agent that has the client that is not realistic in the price range they are approved for and wish to up the price range but they can't afford it.

I hear this and I can see how my Realtor really cares about their client and sees a possible disaster waiting to happen. We work very hard at Exit Three Rivers Realty to have the best trained agents and one of the things we do is teach them how to advise clients like this. The more difficult thing however is to change the spending habits and financial understanding of the consumer. As buyers we far to often spend more then we can afford. I believe credit card debt is a good glaring example of this.

As Realtor's it is our duty to stop, listen, hear our clients and then be an advocate and advisor to them. To educate them on the process and also to show them how buying a home is truly a financial plan. Long has passed the days when the majority of our society is comfortable being house poor. We enjoy our lifestyles and because of this we forget our lifestyles play a key role in how much we truly can afford.

Lifestyle Considerations:

1) How much do you spend on entertainment?

2) Do you have to pay for any sports?

3) Travel/Vacations?

4) Hobbies or Passions you enjoy?

5) Habits that cost money?

6) Social Clubs, Groups or Organizations that cost a fee to belong?

7) School, Day Care...?

8) Toys and maintenance of ?

9) SAVINGS and RETIREMENT?

First time homebuyer,buying a home,MN home search,homes for sale in MN,MN Real Estate,Mn Foreclosures

By now I am sure you have heard of the foreclosure crisis that is effecting the country. There are many causes of foreclosures and I am not here to discuss them in this blog nor point fingers. I bring it up simply because we do not want to see our home buyers nor any home buyer out there facing this very difficult process simply because of improper planning.

One of the greatest ways to do avoid foreclosure and successfully/comfortable own a home is to have a defensive and offensive plan. A strategy if you will as to how you not only are going to afford to buy a home but in addition afford to stay in the home. This is why picking a team of real estate professionals is so critical. Once you know your trusted advisors, be honest and open with them and listen to their advice. Weigh their advice and then make the decision that is best for you but do it armed with the knowledge and plan you come up with together.

This is the greatest housing market to buy!

If you would like to chat about real estate strategy and investing in your future please feel free to contact me and I would be more then happy to take sometime and chat. Feel free to email me or give me a call. Best wishes on your real estate endeavors.

Posted by Kimberly Koehler on 06/19/2008 12:00 AM

Comments (2)

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2 Comments on Lifestyles and Housing - Do they go hand in hand?

Good post. This is one of the places a good lender partner can be very helpful. It is much easier (or at least accepted less resistence) coming from he person who is seen as the financial expert.

06/23/2008 08:50 PM

by Deb Hurt, ABR, e-Pro, EcoBroker, TRC (Exit Realty of Albuquerque)

Deb,

Thank you for the comment. I believe you are correct that the lender needs to be part of the real estate professional team. What we see many times (most commonly in first time home buyers) is that once looking at homes a strong desire of changing wants and needs along with pricing to try to obtain the perfect house. This is where taking the time up front and making a solid plan and working it helps because we truly understand the boundaries we are working within and it is very easy at that point to review and adjust if it makes sense.

Thank you so much for making a wonderful point!

Hope all is well in Albuquerque!

Kimberly Koehler
Broker/Owner
Exit Three Rivers Realty
651-209-9366

06/24/2008 05:29 PM

by Kimberly Koehler (Exit Three Rivers Realty)

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Real Estate Agent: Kimberly Koehler (Exit Three Rivers Realty)

Kimberly Koehler
Woodbury, MN
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Exit Three Rivers Realty

Office Phone: (651) 209-9366
Cell Phone: (651) 329-0482
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