She is a school teacher, he is in the technology game, and they just married last year. They’ve been working on combining two financial household, so the combining of two budgets into one is a struggle, but 90% through it, they see enough to know what monthly payment they can actually afford, and they could prove it to you. In our coaching sessions we all agreed that saving 10% for their future was the right number.
She brings two properties to the marriage, him none but he does have some debt & minor credit issues that will be solved in the next 30 days.
They have a chance to buy a single family home in Silicon Valley that would have cost $650-750,000 1.5 years ago for about $450 to $475,000 now.
They also have access to low rate teacher financing with 3% down payment, or they could use his no down payment veterans’ loan eligibility.
A wise move they made was to select and agent and begin looking at property on weekends by themselves before they were actually ready. That way, building the sensibility of what’s available at what price, they will instantly be able to spot the good deals from the average and be ready to make a saleable offer to the sellers.
Again, please tell me, who is buying real estate right now? It’s your turn, click the comment button and send me a profile of yourself or someone you are working with -
What do you think?
March 6th, 2009 at 10:15 am
My last 2-3 buyers have been first time home buyers. A married couple who was renting in Burlingame, bought a home for $480,000 in San Mateo. This same home was about $600,000 a year ago. They are in their 40’s, great couple. The other two are also first time home buyers, condo’s bought in San Mateo between $230,000- $300,000.
One is a female, unmarried, about 45 years old, the other is about 30, single first time home buyer. Both condo’s are probally discounted about $50,000 to $100,000. I also worked on an FHA, 97% financing on a couple in San Jose, $620,000 purchase, working couple with two kids. There is a lot of opportunity out there and rates are low, let’s rock the market!