So you’re thinking of buying your first home, but there are concerns that continue to hold you back. In fact, let’s be more specific. It’s a simple case of paralysis by fear! A fear of uncertainty regarding the real estate market, and how you stack up in meeting all of the daunting challenges a first time homebuyer faces in the pursuit of homeownership.


Let’s take a moment to review the most common fears shared by many first time homebuyers. As you elect to move forward, we will help you by addressing these fears:


Fear #1:          We can’t afford to buy a home right now!

Fact:               You can’t afford NOT to buy a home right now.


With rents sky rocketing, you have to ask yourself, “When’s the last time your Landlord thanked you for paying his mortgage? Now is the time for you to take advantage of the countless benefits of homeownership (I.e., Tax Deductions, Increased Value & Equity Gain to name a few).


Fear #2:          We should wait until the real estate market gets better!

Fact:               There is NEVER a wrong time to buy the RIGHT home.


Throughout history, the cyclical nature of the real estate market has always existed. However, the gains experienced through each cycle have always outweighed the shortfalls in a down market. Take the Southern California real estate market as an example. Over the past decade we witnessed property values increase by as much as 141%, which when offset by the recent mortgage meltdown of 2007-2010, we saw properties devalued in some cases by up to 35-40%.


Well, what’s interesting here is that while financial analyst frequently pointed to the 35-40% devaluation during the meltdown, they failed to mention the remaining 100% in gains that had previously taken place. In addition, those that purchased during the meltdown period are now experiencing gains upwards of 20-30% over the past 18-months. So you tell me, what are you waiting for?


Fear #3:          We don’t have enough money for our down payment!

Fact:               There are a numerous down payment options available to you.


With the use of Down Payment Assistance Programs made available through gubernatorial agencies, you have broad options to consider. In addition, limited down payment loan programs, such as FHA @ 3-5%, exist to give first time home buyers access to ownership, making the down payment for an average purchase price of $300,000 as little as $9,000, of which gift money from a family member is allowable.


Fear #4:          We can’t buy a home, because our credit isn’t very good!

Fact:               With the use of debt consolidation or credit repair services you can buy.


By consulting the right real estate professional, he or she will guide you through the process of selecting a very capable mortgage consultant that can instruct you regarding the consolidation of some credit cards, establishment of non-traditional credit when you have no credit profile, and/or the proper and effective way to correct errors on your credit profile that can greatly improve your FICO scores. When you reach out to our team, we will guide your accordingly.


Fear #5:          We can’t afford our dream home!

Fact:               The first step in buying your DREAM home is to buy your FIRST home.


Ideally, we all want to move into our dream home (I.e., Optimum Bedrooms & Baths, Tons of Square Footage, Pool/Spa and etc.). However, if you talk to the vast majority of your friends and acquaintances, you will discover that their first or starter home did not feature all these amenities. How do you eat and elephant? One bite at a time!


Fear #6:          We should wait until we get married!

Fact:               There is no reason to wait.


When two people say this, they are usually saying it because of their desire to have two incomes, or there is uncertainty that their significant other will accept the home chosen by the other. While it’s true that dual incomes can qualify you for a larger purchase, it’s also important to note that the right home doesn’t come along often. Therefore it is never a good choice to wait.


Fear #7:          Buying a home seems way too complicated!

Fact:               That’s why it’s important that you hire a professional.


If anyone suggests that buying a home is easy, they’re not being straight forward with you. From the selection of your property, to the presentation of your offer, it is important that your representation be sound. In addition, the services of a solid mortgage professional, is critical, as the loan process can be convoluted, and require a lot of work to ensure that you obtain a mortgage with affordable terms.


It’s important during the purchase process to ensure that all inspections, appraisals and repair requests be conducted, and submitted in a timely manner to protect your interests, and safe guard you earnest money deposit. Hiring a true Real Estate Professional not only protects your interests, but ensures that your experiences over the first years of your ownership are unencumbered and pleasurable as you accumulate your equity.


Overcoming these fears represent the first leg in your journey towards homeownership. However, over the next few weeks we will continue to address key factors that you need to know. Should you have any questions or need more clarity regarding our topics of discussion, feel free to reach out to Jimmy D. Williams via telephone at 310.218.9058 or email

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