Buying a Home in 2009 : Fact vs. Fear - Janice Roosevelt, Ecobroker, ABR, ePRO - Keller Williams - PA & DE

For first time home buyers with decent credit and jobs it's to get moving- literally!  Record-low interest rates, great inventory, $7500 first-time home buyer credit (which might even be forgiven down the road) and the fact that there really is no better place to put your money. Who wants to continue tp through $800 plus away on rent?

Here are the facts and fears as we see them:

Fear #1: I can't afford to buy a home

Fact #1:  Actually, you can't afford not to buy a home right now.- look at those interest rates!

Fear #2: I should wait til the real estate market settles down or gets better

Fact # 2: There is never a wrong time to buy the right house

Fear #3:I don' have a down payment

Fact # 3: You have lots of options, you need to talk to the right mortgage broker

Fear #4:  I can't afford to buy my dream house

Fact # 4:  Buying your first house is the quickest way to get to your dream house.

A home is the largest financial asset most people have due to equity and appreciation over time. Average annual appreciation rate nationally is 5 to 6 percent since 1977. (Note: Local appreciation rates vary greatly.) At 3% annual appreciation, a home purchased for $150,000 would grow to $364,000 in 30 years. Even at 1.5% annual appreciation, this same home would still grow to $234,462 in 30 years.