Ken's Naperville Real Estate Blog : SO YOU WANT TO BUY A HOME? I DO TOO...

SO YOU WANT TO BUY A HOME? I DO TOO...

So you want to buy a home?  I do too.

My wife and I are hoping to purchase a home by the end of the year.

I am just getting excited...

Here are some of my reasons:

1.  I am tired of renting.  I have rented for three years, and I want to set some roots.   

2.  Mortgage rates are very low.  They are currently under 5%.

3.  Homes are cheap.  Homes are selling at prices 20-30% below their peaks.

4.  The tax credit.   An $8000 tax credit is being offered to first time home buyers (or anyone else who has not owned a home for 3 years) who purchase a home in 2009.

Could the market go lower?  Sure.  But I have plenty of reasons to buy just the same. 

So the other night my wife and I began the process.  We wanted to know what our credit report looked like, so we went to www.AnnualCreditReport.com.  The credit report was free.  The credit score was $7.95.

I am looking into an FHA loan.  The downpayment and credit score requirements are lower than with a conventional loan.  Great for first time buyers or those without money for a large downpayment...

My search for a home is just beginning.  Our time frame is November.  I have plenty of time..

The weather here in Naperville is starting to warm up.  The real estate market will be heating up as well.

New homes coming to the market.  Affordable prices, too.

It is going to be a great shopping season...

Ken

A Realtor you can trust. 

 

 

 

 

 

Comment balloon 24 commentsKen Tracy • April 07 2009 04:42PM

Comments

Nice post!  Maybe your optimism will spread!  I want a new home too!

Posted by Linda Pitts (Sue Wilkinson Real Estate, LLC) over 9 years ago

Ken, I envy your opportunity! I struggled with "putting my money where my mouth is" but decided I was already happy in my home, loved my neighbors and didn't need to buy UP just to take advantage of these never befoe seen opportunites. BUT that doesn't mean I wouldn't LOVE to say I got the deal of the century at 4.5%! OK, so I refi'ed and got the 4.5% but what a FANTASTIC time to buy in America!!!! Oh, and I bought a new car...I HAD to get SOME kind of deal!

Posted by SarahGray Lamm, Realtor - 100K Hours of NC Real Estate Experience (Allen Tate Realtors Chapel Hill, NC 919-819-8199 ) over 9 years ago

Ken - Good for you.  As you know, you could not be entering the market at a better time. I just wrote a post about some of the same reasons as to why this is a great time to buy. Congratulations and best of luck on your home search. - Judy

Posted by Judy Jennings, Broker - The Lanterns at Warren Woods - Ashland MA (The Green Company) over 9 years ago

All good reasons to buy a home.  I hope you know a good agent who can help you out. 

Posted by Brian Brumpton, Boise Idaho Real Estate (Keller Williams Boise) over 9 years ago

The $8,000 tax credit rebate is certainly quite an inducement to buy now. And, as you said, there are other reasons to buy as well. I wish you the best!

Posted by Stephen Graham (Inactive) over 9 years ago

Why wait until November? It is a perfect time to buy right now. Find the right home and make an offer. The rest will work itself out.

Posted by Mark Hall, Homes for Sale Vancouver Washington (Elite Realty NW - Keller Williams, Vancouver Washington) over 9 years ago

Hi Mark, Stephen, Brian, Judy, SarahGray, and Linda.  Thanks so much for reading.

I am excited.  I wanted to write this to remind people buying can be pretty cool...

Why wait?  My lease I guess.  I did drive by a home today...

I think the $8000 credit would be a huge incentive at lower price points.

Thanks again everyone,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

All this and a new baby too!  Way to go you will be glad to have made the choice to become an owner.  Now go get some sleep!

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Now this is what we'd call "Hands On Experience"...  taking advantage of the programs by doing them yourself.  However a quick thought... a lot of Banks don't like to pay commissions when the selling agent is a primary buyer.  Thought I'd throw that out there seeing as it's a quirk to look out for when looking out for yourself.  Let's help you buy that house!

Posted by Daniel Sundberg (Crystal Springs Real Estate) over 9 years ago

Hi Ken... It's a great time to be a home buyer!  I like it when agents actually practice what they preach!  Way to go!

 

Posted by Steve Shatsky over 9 years ago

Ken, Is this your first home purchase? You will start to see the emotion and elation that buyers and sellers go thru.

Posted by Trevor Elliott (RE/MAX Integrity) over 9 years ago

Hi Trevor, Steve, Dan, and Cindy.  Thanks for reading.

We owned a home from 2002-2006.  Sold it when we had Erin and I started my real estate career.

I am getting excited.  I thought it would be nice to remind people that it is an exciting time...

Thanks again everyone,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

Ken- you just inspired me to post on my position on this subject! I linked to you too...Thanks and BEST OF LUCK, I'm really excited for you!

Posted by SarahGray Lamm, Realtor - 100K Hours of NC Real Estate Experience (Allen Tate Realtors Chapel Hill, NC 919-819-8199 ) over 9 years ago

Good luck with your search.  If you were in California you might be eligible for a $ 10,000 brand new home buyer's credit AND the CAR (California Association of Realtors) is offering a mortgage protection plan of up to $ 1500 per month for up to six months if you get injured or get laid off.   Of course, Realtors don;t qualify because you have to be a W-2 employee!!

Posted by Mike West, El Dorado Hills, CA CDPE, CNE, Licensed Loan Origi (Heritage Oak Properties) over 9 years ago

Hi Mike and SarahGray.  Thanks so much for reading.

I love when I inspire...

I was just thinking about LinkedIn today.

Mike, those sound like some great bonus benefits!

Thanks again,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

I agree with Mike West. If you move to California, you would qualify for the new home tax credit, too! Good luck and have fun!

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) over 9 years ago

 This makes it a better time to buy....

The U.S. Senate unanimously approved an amendment to the Fiscal Year 2010 Budget Resolution by U.S. Senator Johnny Isakson, R-Ga., that seeks to stimulate the nations declining housing market by providing for a $15,000 tax credit to individuals who purchase a home in the next year.

Posted by Tom Pulsifer, Associate Broker (GARDNER, REALTORS) over 9 years ago

Hi Ken - Blog about your home search and buying process.  My house is paid off - I'm not going ANYWHERE!!!

Posted by Alyce Martin, Albuquerque - THE Place To Be! (The Realty Group, LLC) over 9 years ago

Ken good luck.  I wish you well in your search.  Heaven knows there are a lot of homes to choose from.

Posted by John Walters, Licensed in Louisiana (Frank Rubi Real Estate) over 9 years ago

Hi John, Alyce, Team, and Melissa.  Thanks for reading.

The search I am excited about.  Still some hurdles (I need to sell more houses!).

Thanks again,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

Ken, Nothing like the doctor following his own advice.  Good luck sir in your home search.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) over 9 years ago

Hi Don.  My home is a little tight for the growing family.

I would love to have a yard again and a two car garage...

Thanks for reading,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

It's hard to deny that this is the time to buy.

Posted by Justin Ukaoma, Kansas City Real Estate Investments (Vizion KC) over 9 years ago

Now you will feel like every other buyer out there... so many choices,   Good luck on your endeavor

Posted by Judy Greenberg, Coldwell Banker - Buffalo Grove - Long Grove Homes (Coldwell Banker Long Grove) over 9 years ago

This blog does not allow anonymous comments