Short Term Sacrifice, Long Term Reward

Being a home buyer in todays market is not easy. You can expect to compete against multiple offers and often times, someone will come in with a cash offer. According to the National Association of Realtors, 35% of all transactions were cash in 2017. Although being a buyer in todays market can be challenging, the effort and sacrifice will yield a high reward.

The lack of inventory driving prices up, coupled with rising interest rates, make it appear that the sizzling housing market is wearing off. This is only a small part of the story though. The economy continues to do well, employment is high, wages are finally starting to increase, and consumer confidence is also high. So why does there appear to be a dark cloud looming over the real estate market? I feel this is more of a perception than it is reality.

I have mentioned before, the fateful buyers dialogue of: ‘I am waiting for the market to cool off or come down.’ The fact is, most people buy homes based on life events. Getting married, having children, getting a new job. Even when the market becomes challenging, these life events still occur which drives people to buy homes. It may be a little more expensive to buy now than it has been in the past because prices (and rates) are a bit higher, but this doesn’t mean you shouldn’t buy!

We have to remind ourselves why we purchase a home. Our ultimate goal is to make money on its appreciation but also to create a channel to gain equity. By making our monthly payments on time and paying our loan down, we build credit, we earn tax benefits, and we build a stronger financial future. Much of this foundation is lost in renting and paying someone else’s mortgage on time. I’ve said it before and I’ll say it again: DON’T TRY AND TIME THE MARKET!

Keep in mind:

• You don’t have to buy a house at the absolute low to do well in the market.

• You don’t have to have the lowest interest rate to be succeeding in the market.

Many of our parents paid 12% interest in the 1970’s and 1980’s when they bought their first home and many of them have done well over their lifetime. Let me help you succeed in the market and make the best real estate investment decisions now which will help secure your future.

Remember:

• Owning now is better than not owning.

• Buying now is better than not buying.

• Selling now is better than ever!

Please call me with any questions you might have about qualifying for a loan or refinancing an existing one. I am also excited to help your friends and family so please do not hesitate to refer me.

I look forward to hearing from you soon.

Jamie Familo

Loan Officer & Realtor