You are getting ready to meet with your Long Beach broker. You've asked him to show you some Long Beach homes. But after reading today's paper, you feel this may not be the right time to buy a home for your family.
Your offer has been accepted. You are having some doubts about the market. You've heard that property values may be dropping again. You want to be sure that your decision is the right decision.
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- You ask yourself: What am I going to do?
First, let me assure you that there are realtors and brokers that care about their buyers. You just have to find them.
Second, our economy will always be changing. Two years ago, many first time buyers refrained from buying a home because they thought the prices of houses were too expensive. There was already talk of a housing 'bubble" and the economist kept saying our economy was inflated. Here in California, single family homes have at the very worst, maintained their value from two years ago.
Third, the interest rates are still at an all time low. In 1991, 30 year fixed loans were at 9.5%! The minimum downpayment was 10% for conventional loans. FHA downpayments were calculated and averaged 3 to 5%!
Fourth, making the adjustment from renting to making your monthly payments IS a big step personally and financially. For many, this entails readjusting to a new lifestyle. However, it is also a big step towards your financial independence.
If you had made the decision to buy a home, STAY THE COURSE. Your gut instinct is probably the right one. No matter what happens, you will have the pride of knowing you own your own home. If you plan to stay for five to seven years in your home, based on historical records, you will see an increase in value. Not to mention all the taxable advantages you have as a homeowner. Just imagine the feeling of pride you will feel everytime you walk through the doors of Your Home instead of Someone Else's House!!
