This week, the Pickett Street crew held a class to ease fears and inform and encourage first time home buyers. The class opened with an anecdote from Hurricane Katrina: when many displaced residents were asked what, besides “love,” the most important four letter word is, almost all of them answered “home.”
It makes sense that so many people find this word to be so powerful. In a world that can be pretty difficult sometimes, we should always feel secure in our homes. There is nothing like the feeling of returning after a long day to a space that feels peaceful, safe, and uniquely yours.
Still, buying a home can also be a source of anxiety. This is where Pickett Street comes in– their home buyers class focuses on helping you feel less like “buying a home is something I could never do,” and more like “Yes! I’m ready!” I love it when uncertainty is replaced with confidence, clarity, and excitement.
If you couldn’t make the class this time, not to worry. Pickett Street is making their first-time home buyers class a recurring event. Next one will be Monday, May 14th at 6-7:30pm. RSVP and claim your FREE ticket here! Also, you can (and should!) reach out to them at (425) 502-5397 or info@pickettstreet.com.
I highly encourage you to not miss out on either of these incredible resources–the class or talking with Pickett Street about your options. In the meantime, here are three common fears about home buying that the class helped to dispel.
1. Fear: I should wait until the market gets better.
Pickett Street pointed out that there is never a wrong time to buy the right home.
Also, it’s very likely that the Puget Sound and Seattle area real estate markets are going to remain fairly competitive and hot for a long time. So, instead of waiting, let Pickett Street help you navigate the real estate market, no matter its current state. I recently wrote about how Pickett Street loves to help clients find off-market homes.
2. Fear: I can’t afford to buy my first home.
According to Pickett Street, the best way to get closer to buying your first home is to buy your first home. Imagine that.
To expand slightly: while the rental market is growing increasingly expensive (take it from me, a long-time renter), buying a home is becoming more affordable. Historically, renters needed about 25% of their income to afford median rent, while today, they need over 29% of their income. However, while historically home buyers needed to set aside 21% of their income to afford a home, today they only need 15.8%.
3. Fear: I don’t have the money for the down payment.
Again, buying your first home is more affordable than you might think. Examples of loans with lower down payments include FHA loans, which offer low down payments and easier credit score requirements, and HUD REO loans, which only require $100 down to buy a foreclosed property.
Of course, the class covered so much more meaty information than I can’t write about in one post, including why real estate agents are critical, what to look for in a new home, and how to make a winning offer. I’ll cover these topics in future posts–stay tuned!
For now, feel free to reach out to Pickett Street at (425) 502-5397 or info@pickettstreet.com with any questions.