Anna's Blog

In honor of Mother’s Day I thought I would mention some differences between buying a house in today’s market and when our parent’s bought their first homes.

When our parents bought their first home, here was the norm:

• You put at least 20% down
• You didn’t have a home inspection.
• You probably didn’t think too much about resale.
• You probably had a 30 year fixed mortgage rate of 10% or higher!

Today, it’s a different story:

• With good credit, you can buy a house with little or no money down. There are even great down payment and closing cost assistance programs for first time homebuyers.
• Most buyers do have a home inspection. $300 - $350 is a small price to pay for the peace of mind that you get with a home inspection.
• Most people today move within 3 to 5 years of purchasing their first home, so it is a good idea to speak with your Realtor about home features that are a benefit for resale – like 2 car garages, newer mechanicals, newer roof, updated kitchens & baths and of course location, location, location!
• The 30 year fixed rate is still a fantastic rate today, but depending on your situation an ARM may be a better option for you. It is a good idea to speak with a qualified lender to discuss all of your options.