I just left a networking event where I asked everyone to raise their hands if they have heard or believe that there is no money out there if you want to buy a home today. Ninety percent of the people raised their hands. It is simply NOT true! The media is lying to you and to me.
Sure the banks that are still in business have tightened their requirements on who they will lend to (as they should have 5 years ago):
- You actually do need a pulse
- You do need a Job
- You will need to have money to put down on the house
- You can't be up to your eyeballs in debts
- You can't buy a home that you can't afford
What a great philosophy to build off of!! The truth of the matter is that you should not be buying a home if you are in debt and don't have money to put down (this is what got this country in trouble in the first place). You should have a stable income and career before you think about buying a home. You should not be buying something you cannot afford or a home that will cause you financial hardship later (no matter how good of an investment you think it is…you can’t borrow your way to being rich). A home is supposed to be a good investment...not destroy everything you have worked so hard for.
I am not sure what the future holds (it seems everyone else does) but one thing I do know for sure is that there has not been a better time to buy a home in the past 20 years. September and October will go down in history as one the best times (in a very long time) to purchase a home.
- Interest rates are still around 6% (this is fantastic)
- Home prices have dropped because of the few buyers on the market (supply and demand)
- Builders are selling their home below cost
- Banks are giving their returned homes away
- Home sellers have to compete with the builders and banks so they have started dropping their prices.
- There are a lot of homes to choose from
- A first time home buyer or those who have not owned a home in the past 3 years gets a $7,500 tax credit
This is a perfect time for those of you who have saved, patiently waited and prepared for the perfect time to buy a home.
Please don't listen to the media...I spoke with two lenders today and they both said they have great programs available to those people who can qualify (those who have planned & saved well). These are the people who will come out on top when this storm blows over.
If this is you...congratulations you are in the perfect position. Act now--I think we are coming out of this...September and October will go down in history- be a part of that history. Call you lender or your Realtor...if you don't know of a trusted, honest, professional Lender or Realtor who will look at your situation and give you the best advice for your family then call me. I have a great network of ethical Realtors all across the country. If you’re in the Dallas Fort Worth area call me…If you’re not in my area, I will find you someone that you can trust.
I want to be a part of the solution that helps this country once again be the greatest country on God’s green Earth.
Ebby Halliday Realtors