Ah, me darling rebels! I thought it might be a good time to remind everybody about some basics before all the mixed up and contrary news about foreclosures, short sales, and the economy make us all go crazy.
I keep reading the papers (silly, but there it is…) and I know I shouldn’t be surprised yet I continue to be when I hear real estate groups griping that mortgages are now too stringent and that’s why houses aren’t moving…and yet read that the Fed is stil forecasting weak job growth and unemployment figures in the 9% range in 2011. So one group wants lending standards eased…the other says recovery will be slow and weak.
What’s a buyer to do, especially when they’ve been turned down?
Remember the basics. Only YOU know really know your budget. Back in the old days we borrowed a bit from mom and dad and saved for awhile in order to have a down payment on a house. Now, things may not be that simple any more-in the San Francisco Bay Area where yours truly hoists his rebel flag a 20% down payment on a condo is about the same amount you would pay for an entire house in other parts of the country.
But some things ARE the same. If you perservere, if you take an honest look at your finances, if you’re willing to make some trade offs in terms of location, style, and amenities, you can still buy a home. Just think back to when a starter home was a one story, 2-bedroom place with a postage stamp yard that was what mom and dad could afford, so that’s what they got.
And don’t ever take “no” as your final answer, take it as a sign that you need a sharper pencil, a harder look in the mirror, and then get back out there and keep hunting. And maybe see if mom and dad have a few bucks they could lend you.
Rebelliously,
Larry
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