Question:
“My wife and I have been looking for a home since December. And we’re getting frustrated. Every home we see is too small, in poor condition, or priced too high for our budget. Can you give us some advice?”
Answer:
Sounds like you’re stuck in a holding pattern and need to make some changes.
Assuming your agent is sharp and working hard for you (if not, get a new agent), you need to either loosen up what you’re looking for or increase your price range. Please increase your price range only if you can afford to.
Loosening up what you’re looking for may mean buying:
- a townhome or condo instead of a house
- fewer bedrooms or baths, or a smaller home. If you buy a house, you can add on later.
- a home without some feature you want, i.e. family room, garage, or yard
- a home that needs some work, be it “cosmetic” or more than that
- in a different part of town
Ways to increase your price may include:
- a different type of loan, such as fixed for 5 or 10 years instead of 30 years
- paying points to “buy down” your interest rate for a lower payment
- help from a relative
- getting extra funds by tapping into other assets, such as a 401K
Feel free to call me if you’d like our help to find you a home…
