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First time home ownership maybe as close as your tool chest



More and more people are discovering no matter how hard they try to save for a down payment,
with the prices of homes going up, and that magic 3%-10%, the dream of home ownership keeps getting harder and harder to reach.

Part of the reason this is the case is that there are more people shopping for the $200,000 home than there are the $700,000 home. For every one buyer looking at a $700,000 there will be 10 looking at the $200,000 home, and that makes it a lot harder to win if it gets to a bidding war.

A prime example I had of this was a property at the low end of the market popped up at a great price. I called my client and within 3 hours we were at the house and she loved it and wanted to write an offer. The sad part is, in that 3 hours, there were 12 other offers written on the house. (Yes, in today's market.)

So, what has she decided to do now? She has decided that it may be in her best interest to try to buy a home that is at a great price, but not everyone wants. You see, even people in the $200,000 price range want a house that is move in ready, but not everyone is willing to take on a fixer property.

She has now decided to start looking at properties in the $180,000-$200,000 price range that are cosmetic fixers, but fixers just the same. She figures that if she buys an ugly house at $180,000 and puts $5,000 in to fixing it up, she will have saved herself $15,000 and will have the house she wanted.

Now, I know this isn't for everyone, but it certainly opens up the possibility for home ownership that wasn't available before. A lot of times homes that are fixers can't get loans on them and this is a great bargaining tool for you, the buyer. You may be able to get a seller to carry a contract on the home at a much lower interest rate than the banks are offering, and with less of a down payment.

For more information on buying fixer properties and owner financing, please feel free to contact me anytime.

 


Photo courtesy of linusb4

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Thinking of selling? Find how much your home is worth by clicking here

 

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Comment balloon 8 commentsRespect Realty LLC • August 21 2008 12:17PM
First time home ownership maybe as close as your tool chest
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