When I ask renters today “are you going to be a lifetime renter?” they typically will say, “no, I’m going to buy a home, just not right now”. Are you hoping to be a homeowner at some point down the road? If this vision is in your future, start on the Path2Buy now by connecting with someone who can guide you along on that journey.
This is a FREE Program and Coaching commitment I am personally making to my clients. Each participant will have a FIRM plan of action and will be kept on track by regular meetings with me and by use of a workbook that clearly illustrates the steps that need to be taken to become a homeowner.
Contact me to sign up.
Check out this introductory video:
What If My House NEVER goes Up in Value?
Now lets talk about the 7 1/2 reasons of why I feel the consumer is on the sidelines:
1. Job insecurity. You are afraid to make a commitment to a mortgage because your current job doesn’t feel secure. You won’t be ready until that situation changes—e.g., find a new job or your current one becomes more stable. Uncertainty is the best way to describe this situation today.
The coach’s role: Your coach keeps in touch to check on changes in your job outlook, there’s really not much they can do to help you here other than check in every 45 days to see how things are progressing.
2. Credit scores. Your current rating isn’t quite as high as it needs to be to qualify for a mortgage.
The coach’s role: Gives advice and useful information for improving your credit scores. Your coach will have access to all of the tools necessary to accomplish this, while checking in every 45 days to keep you on track.
3. Down payment. You don’t have the down payment necessary to buy yet. When we did our research one of the things that we found was that the 22 to 32-year-old buyer is having a hard time saving in today’s day and age. In this on-line, debit card world, the pattern of living paycheck to paycheck is more prevalent than any other generation in the past. What needs to be created here is a disciplined savings plan outside of your existing bank account.
The coach’s role: Understands the “real” numbers required for a down payment (e.g., 3.5% for FHA) and can show you what to do to reach that magic number. They will also coach you through the tough times when you might be veering away from The Plan with their 45-day checkups.
4. Debt-to-income ratios. You have too much debt to qualify for a mortgage right now. If you had your way, you would stretch the ratios to get into a house but the guidelines won’t let you.
The coach’s role: Well-versed in debt management, your coach can share valuable tips and insight creating a debt pay down plan that will keep you on the Path2Buy.
5. Debt-to-income Comfort zone. Maybe you have an acceptable debt-to-income ratio but just don’t feel comfortable with the amount that you’re qualified for because of other monthly costs, like tuition, paying for your aging parent’s mortgage, or private schools. The disconnect here is because these debts don’t show up on YOUR credit report but they do get paid out of your checkbook.
The coach’s role: Once you share your position with your coach, you should expect solid advice for getting to that point where you feel more comfortable with your debt. Some will just go away over time.
6. Misinformation. We are so connected today and it is much different than in years before. Anybody can post a blog, publish a website or create a You Tube video. There is no verifying of this information and society falls into the trap of believing it. Good news travels fast. Bad news travels faster. And wrong news is positively viral! Too many people believe the false reports about credit qualification, down payments, and other issues and concerns related to home buying. In the initial consultation the truth will be told by the coach. They will let you know what the guidelines are today, including down payment and credit score minimums.
The coach’s role: In the certification process the coach here has agreed to stay on top of all guidelines in the ever-changing mortgage arena. The trust that will be built in the initial consultation and over the time in the Path2Buy Program will make the only credible source the coach, and they will become the snopes.com for mortgage and real estate information.
7. Mobility. Maybe you want to buy but are concerned that your job may transfer you, or a new job would require you to relocate. The concern here is that if you did buy you would not be able to sell the house you just bought in a reasonable time, putting a strain on your family either because of separation anxiety or the financial burden of maintaining two households. You may also be concerned that you would not be able to sell your house and cover the costs and recoup the down payment that you put into it, therefore making a wrong business decision.
The coach’s role: They will keep you updated as to market time in YOUR specific market. They will also be connected to the right individuals to provide the proper advice when renting out your home becomes an alternative.
7½. Waiting for the bottom of the market. Why we considered this a half and not the 8th reason is because it doesn’t apply to all markets. Let’s just compare two markets. The first is Austin Texas. This market has hardly seen any drop in prices over the past few years, and the homes that first time homebuyers are buying have been appreciating over the past year or so. So nobody in Austin is waiting for the bottom because the prices are moving up. The second is Phoenix metro area. Due to the many foreclosures in this market and it being over built with new construction they are still seeing falling prices in certain pockets. The dangerous part of waiting is the unknown, which are interest rates. If the house prices were to drop by another 5% but rates moved up by a half of a percent, the payment is virtually the same.
The coach’s role: To keep a pulse on the market conditions and the interest rate environment and make sure that any changes are communicated swiftly to the waiting renter. History has shown that when either one of these shift it is without warning and occurs very quickly.
Now is an ideal time to buy, if you’re in the right position. For those people who represent the “emerging buyer”, now is also a great time to plan for your eventual purchase. Whether it’s five months or five years it is important to take control of your future by paving a path to purchase with the steps you need to reach your destination of home ownership.
When I ask renters today “are you going to be a lifetime renter?” they typically will say, “no, I’m going to buy a home, just not right now”. Are you hoping to be a homeowner at some point down the road? If this vision is in your future, start on the Path2Buy now by connecting with someone who can guide you along on that journey. In November of this year I will be launching a Path2Buy program for the renter. I will also create a Path2Buy Certified Coaching Program, training the top loan originators in the country. This visionary professional will offer advice, tips, and useful connections to help you progress toward your homeownership goal. A Path2Buy Coach recognizes the seven and a half reasons that have the emerging buyer temporarily on the sidelines—and how to handle each one. Most importantly they embrace the concept that now might not be the right time for you to be buying a home.
Now lets talk about the 7 1/2 reasons of why I feel the consumer is on the sidelines:
1. Job insecurity. You are afraid to make a commitment to a mortgage because your current job doesn’t feel secure. You won’t be ready until that situation changes—e.g., find a new job or your current one becomes more stable. Uncertainty is the best way to describe this situation today.
The coach’s role: Your coach keeps in touch to check on changes in your job outlook, there’s really not much they can do to help you here other than check in every 45 days to see how things are progressing.
2. Credit scores. Your current rating isn’t quite as high as it needs to be to qualify for a mortgage.
The coach’s role: He or she provides advice and useful information for improving your credit scores. Your coach will have access to all of the tools necessary to accomplish this, while checking in every 45 days to keep you on track.
3. Down payment. You don’t have the down payment necessary to buy yet. When we did our research one of the things that we found was that the 22 to 32-year-old buyer is having a hard time saving in today’s day and age. In this on-line, debit card world, the pattern of living paycheck to paycheck is more prevalent than any other generation in the past. What needs to be created here is a disciplined savings plan outside of your existing bank account.
The coach’s role: He or she understands the “real” numbers required for a down payment (e.g., 3.5% for FHA) and can show you what to do to reach that magic number. They will also coach you through the tough times when you might be veering away from The Plan with their 45-day checkups.
4. Debt-to-income ratios. You have too much debt to qualify for a mortgage right now. If you had your way, you would stretch the ratios to get into a house but the guidelines won’t let you.
The coach’s role: Well-versed in debt management, your coach can share valuable tips and insight creating a debt pay down plan that will keep you on the Path2Buy.
5. Debt-to-income Comfort zone. Maybe you have an acceptable debt-to-income ratio but just don’t feel comfortable with the amount that you’re qualified for because of other monthly costs, like tuition, paying for your aging parent’s mortgage, or private schools. The disconnect here is because these debts don’t show up on YOUR credit report but they do get paid out of your checkbook.
The coach’s role: Once you share your position with your coach, you should expect solid advice for getting to that point where you feel more comfortable with your debt. Some will just go away over time.
6. Misinformation. We are so connected today and it is much different than in years before. Anybody can post a blog, publish a website or create a You Tube video. There is no verifying of this information and society falls into the trap of believing it. Good news travels fast. Bad news travels faster. And wrong news is positively viral! Too many people believe the false reports about credit qualification, down payments, and other issues and concerns related to home buying. In the initial consultation the truth will be told by the coach. They will let you know what the guidelines are today, including down payment and credit score minimums.
The coach’s role: In the certification process the coach here has agreed to stay on top of all guidelines in the ever-changing mortgage arena. The trust that will be built in the initial consultation and over the time in the Path2Buy Program will make the only credible source the coach, and they will become the snopes.com for mortgage and real estate information.
7. Mobility. Maybe you want to buy but are concerned that your job may transfer you, or a new job would require you to relocate. The concern here is that if you did buy you would not be able to sell the house you just bought in a reasonable time, putting a strain on your family either because of separation anxiety or the financial burden of maintaining two households. You may also be concerned that you would not be able to sell your house and cover the costs and recoup the down payment that you put into it, therefore making a wrong business decision.
The coach’s role: They will keep you updated as to market time in YOUR specific market. They will also be connected to the right individuals to provide the proper advice when renting out your home becomes an alternative.
7½. Waiting for the bottom of the market. Why we considered this a half and not the 8th reason is because it doesn’t apply to all markets. Let’s just compare two markets. The first is Austin Texas. This market has hardly seen any drop in prices over the past few years, and the homes that first time homebuyers are buying have been appreciating over the past year or so. So nobody in Austin is waiting for the bottom because the prices are moving up. The second is Phoenix metro area. Due to the many foreclosures in this market and it being over built with new construction they are still seeing falling prices in certain pockets. The dangerous part of waiting is the unknown, which are interest rates. If the house prices were to drop by another 5% but rates moved up by a half of a percent, the payment is virtually the same.
The coach’s role: To keep a pulse on the market conditions and the interest rate environment and make sure that any changes are communicated swiftly to the waiting renter. History has shown that when either one of these shift it is without
When I ask renters today “are you going to be a lifetime renter?” they typically will say, “no, I’m going to buy a home, just not right now”. Are you hoping to be a homeowner at some point down the road? If this vision is in your future, start on the Path2Buy now by connecting with someone who can guide you along on that journey. In November of this year I will be launching a Path2Buy program for the renter. I will also create a Path2Buy Certified Coaching Program, training the top loan originators in the country. This visionary professional will offer advice, tips, and useful connections to help you progress toward your homeownership goal. A Path2Buy Coach recognizes the seven and a half reasons that have the emerging buyer temporarily on the sidelines—and how to handle each one. Most importantly they embrace the concept that now might not be the right time for you to be buying a home.
Now lets talk about the 7 1/2 reasons of why I feel the consumer is on the sidelines:
1. Job insecurity. You are afraid to make a commitment to a mortgage because your current job doesn’t feel secure. You won’t be ready until that situation changes—e.g., find a new job or your current one becomes more stable. Uncertainty is the best way to describe this situation today.
The coach’s role: Your coach keeps in touch to check on changes in your job outlook, there’s really not much they can do to help you here other than check in every 45 days to see how things are progressing.
2. Credit scores. Your current rating isn’t quite as high as it needs to be to qualify for a mortgage.
The coach’s role: He or she provides advice and useful information for improving your credit scores. Your coach will have access to all of the tools necessary to accomplish this, while checking in every 45 days to keep you on track.
3. Down payment. You don’t have the down payment necessary to buy yet. When we did our research one of the things that we found was that the 22 to 32-year-old buyer is having a hard time saving in today’s day and age. In this on-line, debit card world, the pattern of living paycheck to paycheck is more prevalent than any other generation in the past. What needs to be created here is a disciplined savings plan outside of your existing bank account.
The coach’s role: He or she understands the “real” numbers required for a down payment (e.g., 3.5% for FHA) and can show you what to do to reach that magic number. They will also coach you through the tough times when you might be veering away from The Plan with their 45-day checkups.
4. Debt-to-income ratios. You have too much debt to qualify for a mortgage right now. If you had your way, you would stretch the ratios to get into a house but the guidelines won’t let you.
The coach’s role: Well-versed in debt management, your coach can share valuable tips and insight creating a debt pay down plan that will keep you on the Path2Buy.
5. Debt-to-income Comfort zone. Maybe you have an acceptable debt-to-income ratio but just don’t feel comfortable with the amount that you’re qualified for because of other monthly costs, like tuition, paying for your aging parent’s mortgage, or private schools. The disconnect here is because these debts don’t show up on YOUR credit report but they do get paid out of your checkbook.
The coach’s role: Once you share your position with your coach, you should expect solid advice for getting to that point where you feel more comfortable with your debt. Some will just go away over time.
6. Misinformation. We are so connected today and it is much different than in years before. Anybody can post a blog, publish a website or create a You Tube video. There is no verifying of this information and society falls into the trap of believing it. Good news travels fast. Bad news travels faster. And wrong news is positively viral! Too many people believe the false reports about credit qualification, down payments, and other issues and concerns related to home buying. In the initial consultation the truth will be told by the coach. They will let you know what the guidelines are today, including down payment and credit score minimums.
The coach’s role: In the certification process the coach here has agreed to stay on top of all guidelines in the ever-changing mortgage arena. The trust that will be built in the initial consultation and over the time in the Path2Buy Program will make the only credible source the coach, and they will become the snopes.com for mortgage and real estate information.
7. Mobility. Maybe you want to buy but are concerned that your job may transfer you, or a new job would require you to relocate. The concern here is that if you did buy you would not be able to sell the house you just bought in a reasonable time, putting a strain on your family either because of separation anxiety or the financial burden of maintaining two households. You may also be concerned that you would not be able to sell your house and cover the costs and recoup the down payment that you put into it, therefore making a wrong business decision.
The coach’s role: They will keep you updated as to market time in YOUR specific market. They will also be connected to the right individuals to provide the proper advice when renting out your home becomes an alternative.
7½. Waiting for the bottom of the market. Why we considered this a half and not the 8th reason is because it doesn’t apply to all markets. Let’s just compare two markets. The first is Austin Texas. This market has hardly seen any drop in prices over the past few years, and the homes that first time homebuyers are buying have been appreciating over the past year or so. So nobody in Austin is waiting for the bottom because the prices are moving up. The second is Phoenix metro area. Due to the many foreclosures in this market and it being over built with new construction they are still seeing falling prices in certain pockets. The dangerous part of waiting is the unknown, which are interest rates. If the house prices were to drop by another 5% but rates moved up by a half of a percent, the payment is virtually the same.
The coach’s role: To keep a pulse on the market conditions and the interest rate environment and make sure that any changes are communicated swiftly to the waiting renter. History has shown that when either one of these shift it is without warning and occurs very quickly.
Now is an ideal time to buy, if you’re in the right position. For those people who represent the “emerging buyer”, now is also a great time to plan for your eventual purchase. Whether it’s five months or five years it is important to take control of your future by paving a path to purchase with the steps you need to reach your destination of home ownership.
warning and occurs very quickly.
Now is an ideal time to buy, if you’re in the right position. For those people who represent the “emerging buyer”, now is also a great time to plan for your eventual purchase. Whether it’s five months or five years it is important to take control of your future by paving a path to purchase with the steps you need to reach your destination of home ownership.
