The power of today’s buyer

By
Real Estate Agent with JH Realty Partners 6501309180

I was talking with a new client yesterday.  He is a 1st time home buyer, so I was explaining all the benefits that are available to low to moderate income level 1st time home buyers.  When I left this appointment I thought back, (way back) to when my husband I had bought our 1st home. 

We bought a VA REO (real estate owned) for about $26,000.  It was in very bad shape.  The realtor who had it listed had forgotten about it, and the previous owners had stripped just about everything out of the home.  However we were young, energetic, willing and able. 

I was pregnant with our daughter at the time.  We could not afford to live somewhere else while fixing up the home.  My husband was too proud to stay with family. So we lived in the home while renovating.  We started with the bathroom, it was partly gutted and we took it the rest of the way.  I got to know the people at the corner fast food restaurant very well.  As they were open 24 hours (thank God), and you know how many times a pregnant woman has to visit the bathroom. 

Next was the kitchen, we gutted that room as well too!  While this was happening his father decided to come visit  and wanted to stay with us!  I had no kitchen but he wanted home cooked meals.  So I learned to cook meals in an electric skillet on top of an ironing board!  Hamburger helper was wonderful, as it could be prepared in one pan.

There were no programs back then for the 1st time home buyer to help renovate, help with down payments or closing cost or pre-paid's.  I think our interest rate on our home was somewhere around 8 or 9 percent. 

We sold the home 18 months later for about 55,000. It was a good investment and we were well on our way!

Today, buyers have so much available to them right at their finger tips:

  • Inventory of homes is grand
  • Prices of home are very affordable
  • Closing cost and pre-paid's can be paid by seller, or there are loan programs to assist with this cost.
  • Interest rates are very low

The POWER the buyer has in today's market is huge!  They also have the power to turn our economy around.  As homes sales has a great effect on our economy.

Below are links to affordable housing and 1st time home buyers programs for Grand Rapids, Michigan.

Affordable housing:

Most of these programs are geared to the 1st time home buyer and have income levels and/or target area's where you can buy a home.  However they are worth your time to check them out.  You will be a 1st time home buyer only once, so take advantage of these programs while you can.

Let me know if you have any questions or if I can help!

 

Posted by

Michelle Gordon is a Realtor with JH Realty Partners - Ada, Michigan -  With a team of Realtors who's Focus is 1st time home buyers, Relocation, Luxury listings and Commercial Properties in West Michigan.  You may find Michelle on facebook, twitter or linked in and she invites you to join her.

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Rainmaker
180,751
DeAndrea "Dee Dee" Jones
Home Buyers Marketing II, Inc. - Manassas Park, VA
The NorthernVARealEstateLady & DMVRealEstateChick

Yes, there are many good loans for buyers. Sometimes they dont no that because they keep hearing about the subprime problems. I like to use this kind of info in my marketing because I have always specialized in first time buyers.

Mar 01, 2008 12:39 AM #1
Ambassador
1,726,219
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

 

Buyers have something today we never had back then ... access to information! They often know more about obscure programs than we do, and the jave the ability to check out anything we say!

Mar 01, 2008 12:40 AM #2
Ambassador
1,726,219
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

 

Buyers have something today we never had back then ... access to information! They often know more about obscure programs than we do, and the jave the ability to check out anything we say!

Mar 01, 2008 12:40 AM #3
Rainmaker
111,252
Michelle Gordon
JH Realty Partners - Ada, MI
Finding Your Place
Buyers really do have so much........And I did not list them all..........depending on your needs and situation there is usually something out there to help.  These programs will not be around for ever. 
Mar 01, 2008 12:45 AM #4
Rainmaker
544,678
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Real Estate
Michelle, Most of us look back on our young married days... living on very little but happy, anyway.  Sounds like you made a good investment on your first home.
Mar 01, 2008 12:47 AM #5
Rainmaker
111,252
Michelle Gordon
JH Realty Partners - Ada, MI
Finding Your Place
I made 2 good investments........my husband and my house.  I am happy to report after renovating many homes with my husband we are still married and happy and in love.  If you can make it through several renovations together you can make it through anything!
Mar 01, 2008 12:50 AM #6
Rainer
139,593
Harold "Hal" Place
A1 Connection Realty, Inc. - Sun City Center, FL

Michelle,

You endured more then we did, at least we had a functional bathroom. It's a good thing because just going around the block at our first home was a seventeen mile trip. LOL We bought an old farm house, actually it was a tenant house, over 100 years old. The fieldstone fireplace sold us on the property. We worked and spent for the next two years, but it was all worth it. Nice to hear others have the same fond memories of purchasing or first home during our Innocent youth. 

 

Mar 01, 2008 01:13 AM #7
Rainmaker
189,486
Herb Hamilton
RE/MAX Preferred Inc. Realtors - Portland, OR
Real Estate Broker ,CDPE, Downtown Portland
What I could have done with the information availlable today. Great post. Take advantage.
Mar 01, 2008 01:15 AM #8
Rainmaker
111,252
Michelle Gordon
JH Realty Partners - Ada, MI
Finding Your Place

Harold, I like that last line........Innocent youth! 

Herb, no kidding, I wish we had half the options that are availble today!

Mar 01, 2008 01:17 AM #9
Rainmaker
491,438
Philip Turner
MCCUE MORTGAGE COMPANY - New London, CT
Mortgage Banker Since 1980
This is a great time to buy - low rates, lots of inventory, good prices.  The media should report on all of these favorable conditions.  We can turn the economy around with this type of information.
Mar 01, 2008 01:18 AM #10
Rainmaker
111,252
Michelle Gordon
JH Realty Partners - Ada, MI
Finding Your Place
Philip.....no kidding.  The media has so much power over what people think. I will just keep working on the positive.......I am a "glass half full" kind of person. 
Mar 01, 2008 01:21 AM #11
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Rainmaker
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Michelle Gordon

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