Is Everyone Right? Is NOW the Right Time for YOU To Buy a Will County or Chicagoland Home?

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
 
Is Everyone Right?  Is NOW the Right Time for
YOU To Buy a Will County or Chicagoland Home?


     If you're a potential Will County or Chicagoland home buyer, it's easy to find a boatload of articles and informational videos heralding just why "NOW is the time to buy".     

     But if you're a first-time buyer or someone returning to the housing market after a few years of renting ... how do you know if that is really true?  Is NOW truly the right time for you?  


     Are you wondering if definitive clues and signs exist?  And if they do, just what are they?  Will you need a set amount of dollars saved?  What about credit and credit scores?  And ... is there some easy test to take to discover all this? 

     I wish I could say that such a test exists.  And to be fair, some "tests" or quizzes do exist that help measure your readiness and capabilities as a potential home buyer.  They're fun and beneficial to some degree.  But you probably won't arrive at any clear or reliable conclusion ... or base your decision to buy or not buy upon them. 

     No, you'll most likely begin to consider home ownership or a decision to "buy or not buy a home" based upon a unique blend of two things.  Your emotions and your finances.  

     Asking yourself these fundamental and important questions will help you arrive at a decision:

  •  Is homeownership the lifestyle I crave?  
  •  Do I want the responsibilities that come with becoming a homeowner?  Or do I like being able to call a Landlord to "fix" property issues? 
  •  Do I look forward to the longer-term commitments I will be called upon to make when a homeowner?
  •  Can I form a budget that would sustain my home purchase?
  •  Am I ready to be a member of a specific community?

     Consider these questions as well:

  •  Am I going to "stay put" for a reasonable amount of time?
  •  What are the tax implementations for me as a homeowner VS a renter?
  •  Will I have a reliable and resilient source of income that will cover not only monthly mortgage payments, but home upkeep as well?
  •  What other short or long-term monetary demands do I have that might speed, delay, or conflict with my decision?

     If you've considered and answered the questions above and you've decided that home ownership is not for you ... (or at least at this time), there's nothing wrong with that.  The exercise of self-examination proved beneficial in discovering that.  Use what you discovered to your best advantage moving forward.

     But if after quizzing yourself, you discovered that home ownership is right for you ... then what?  What comes next?  

     Find your Mortgage Lender.  An experienced Mortgage Lender will help you successfully and fully-prepare for buying and financing a home.  (To help you in your search for a Mortgage Lender, read, "How to Choose Your Will County and Chicagoland "Super" Mortgage Lender".

     Below, you'll find 2 reference tools that I provide all my clients hoping to buy and finance a home.  I think you'll find them beneficial too:

     Both provide a compass for you to follow throughout your home buying and mortgage financing process.  From your exciting and important initial decision to buy ... to successful Mortgage Closing. 
     
     Is Everyone Right? Is NOW the Right Time for YOU To Buy a Will County or Chicagoland Home?  If you've made the decision ... if you've made the mental commitmentto becoming a home owner ... NOW is the time for action.  NOW is the time to start.  Take the first step by contacting me.

          *  Thinking of becoming a Will County or Chicagoland Home Buyer?  Contact Me!  I'll put my 36 years of mortgage experience and expertise hard to work on your behalf. 
     I can be easily found at:

Direct:   815.524.2280
Cell/Text:   708.921.6331 
eFax:   815.524.2281
 
Click HERE for a FREE Mortgage Consultation!
 
Ready to Apply for your Mortgage?

 

 
 
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 10/27/2013 07:19 AM
Topic:
Home Buying
Location:
Illinois Will County
Groups:
Realtors®
Mortgages
Chicago Area Real Estate BUZZ!
Buyer Information - What Buyers Need to Know in Today's Market
Bananatude
Tags:
making the decision to buy a home
deciding when to buy a home
buying a home in will county chicago
will county mortgage lenders

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Rainmaker
596,598
Nancy Laswick
United Real Estate - Phoenix, AZ
Your REALTOR® For The Valley Of The Sun

Gene, excellent post, while it may currently be less expensive to own a home than rent a home that isn't the only consideration. The responsibilities of home ownership aren't for everyone.

Oct 15, 2013 07:46 AM #9
Rainmaker
631,213
Nancy Conner
Olympia, WA
Olympia/Thurston County WA

Those are some really excellent questions for anyone to ask themselves before they decide for sure if it is a good time for them to become a home owner.  Sometimes the answer they come up with will be "Not yet" and that, as you said, is just fine.  Far better to know that then to go forward and have regrets that they did not think it through completely.

Oct 15, 2013 08:07 AM #10
Ambassador
1,498,436
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Hey Gene, You have provided excellent questions for all that are considering purchasing a home.  Good job.

Oct 15, 2013 09:04 AM #11
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services


Gene - while we always thing home ownership if the best thing since sliced bread, the truth is that it is not for everyone.  Home ownership is not for everyone and it is important for buyers to determine whether or not homeownership is the answer for them.

Oct 15, 2013 11:35 AM #12
Rainmaker
1,229,700
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Corinne:  True.  I don't see it as my role to make that fundamental decision for anyone.  Should they be interested in discovering any options that might exist for themselves after expressing an interest, I'm obviously at their disposal. 

Jane:  There can be many reasons that someone may not find homeownership a good fit for them.  They run from ying to yang.  It's a personal choice ...

George:  Thank you.  Hopefully it proves beneficial to readers ...

Nancy:  Depending on the lifestyle and the length of time someone might be able to stay in one place, it may or may not prove worthwhile financially to buy.  And then you add the more emotional reasons on top of that ..

Nancy:  I so agree .. absolutely no regrets wanted for something this important and large in your life!

Thanks, John!  Appreciate your thumbs up!

Joan:  You're right.  It's a very personal decision to mull over and make ...

Gene

Oct 15, 2013 11:54 AM #13
Rainmaker
876,608
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

Great article informing buyers about that "right time" It is subjective and knowing how to interpret the info is importatn. 

Oct 15, 2013 12:15 PM #14
Rainmaker
686,659
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

I'm with Jane, #7, home ownership is not for everyone. There are a lot of responsibilities that include paying property taxes, and that's a healthy chunk. Then, all the repairs, maintenance, upkeep. If you are so involved in building your BUSINESS with little spare time, the time may not be right for you. Having said that, it is a very good time to buy an investment property.

Oct 15, 2013 12:49 PM #15
Rainmaker
2,762,568
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I feel with all honesty that each buyer has his or her own time to find the right place. To say beyond general trends that "this IS THE time" is not something the market alone can predict.

Oct 15, 2013 01:51 PM #16
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations on the featured post. There are many consumers who are better off renting a home eg those likely to relocate in a couple of years and those who may not have job stability.

Oct 15, 2013 08:41 PM #17
Rainmaker
396,929
Bill and MaryAnn Wagner
Wagner Real Estate Group - Ocean City, NJ
Jersey Shore and South Jersey Real Estate
Great post Gene. Excellent advice for any buyer considering the purchase of a home. Many buyers fail to take the time to evaluate their housing needs.
Oct 15, 2013 09:55 PM #18
Rainmaker
90,505
Goran Utvic
606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
We Buy & Sell Chicago Houses Fast

Very good information for Chicago area homebuyers Gene. 

Oct 15, 2013 10:04 PM #19
Rainmaker
2,672,457
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Gene - This is fabulous.  Yes, while in general, it's a great time to buy, the specifics on whether it's right for a particular person can differ. These are the right questions to be asking.  Super job.

Oct 15, 2013 10:06 PM #20
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Gene, some very valuable information for any first time home buyer trying to decide if this is the time to buy.

Oct 15, 2013 10:36 PM #21
Rainmaker
1,376,017
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Gene, I've seen people buy homes in good and bad markets. The time to buy is when the buyer makes the right decision to make a purchase. Two excellent questions a potential buyer should ask themselves.

Oct 15, 2013 11:08 PM #22
Rainmaker
1,229,700
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Janis:  True.  It's where we professionals and the guidance and assistance we can offer can be so helpful in addressing this very basic question ...

Hella:  You're right ... there can be many valid reasons as to WHY someone might not be a good candidate for home ownership.  It's a very personal decision and choice ...

Well said, Laura!!

Gita:  Definitely good examples of when the choice to buy might not be timely or in your best interest ..

Bill & MaryAnn:  Each have their own reasons and level of desire to address prior to making a decision.  I think often, that step is missed ...

Goran:  Thank you!  For Chicagoland Buyers ... but elsewhere too ...

Thank you, Debbie.  Your thumbs up is greatly appreciated!

Gabe:  Deciding to buy a home shouldn't be a blanket topic or decision.  It remains personal ..

Good point, Michael.  The market changes, so the reasons and abilities to buy can change along with it.  So can the desire ...

Gene

Oct 16, 2013 02:32 AM #23
Rainer
258,539
Matt Kombrink
RE/MAX All Pro - Saint Charles, IL
Your #1 Source For Real Estate

Another fine post, Gene.  While overall it is a great time to buy, this is a decision that each of us must make for ourselves.  Depending on life's situations, you may not be ready to buy.

Oct 16, 2013 07:32 AM #24
Rainmaker
1,317,858
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Gene, these are questions that many buyers don't ask themselves and should because home ownership isn't for everyone.  It's also good to see the question "...is now the right time to buy..." answered from a different perspective than market conditions.

Oct 16, 2013 09:00 AM #25
Rainer
126,987
Robert Fowler - 55CommunityGuide.com
President of Retirement Media Inc. - Braselton, GA
55+, Active Adult and Retirement Communities

Helpful examination questions to help first time home buyers and the Other Questions to help any buyers.

Oct 16, 2013 11:45 AM #26
Rainmaker
422,749
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Well Gene if they don't want to own a home I guess I'll take two!  By the way, everytime I cliked on a link that said mortgage lender it didn't route back to me.  What's up with that?!  Guess me not being licensed in Illinois might have something to do with it.  LOL Nice post as always : )

Oct 16, 2013 12:29 PM #27
Rainmaker
1,229,700
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Matt:  Thank you.  I can tell you, it's quite obvious when one applicant is totally onboard with buying .. and the other is not, when talking of financing.  The one that is NOT onboard drags their feet in producing paperwork, answers, returning calls, etc.  Rather sad to see in some cases ...

Nick:  As a Lender, I've seen too many instances where home buying probably was NOT a good step for an owner to have made.  Or at least at the level that they tackled ...

Thank you, Robert ...

Nevin:  I agree with you on my own part, so understand your feelings.  As far as the "click" problem ... I'd love to have you join the company.  When you moving to IL????

Gene 

Oct 17, 2013 12:25 AM #28
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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