Anyone who watches the news or reads the paper (there are still a few who do that, I think) knows that we are in a "buyer's market." What does that really mean? It means that there is an increased number of homes for sale from which buyers may choose. It means buyers can be choosy and dictate how the market moves and behaves. It means that buyers are in a position to have a lot of control, which for a buyer, is a really good thing.
But, the problem is that the buyers aren't taking advantage of this market. Interest rates are at historic and almost absurd lows. Home sellers are reducing homes out of frustration and sometimes desperation, even when the home isn't overpriced to begin with. Lenders have finally loosened up lending standards...they figured out that they can't stay in business if they don't actually lend any money. Funny how that works, huh? So, what's the problem?
Personally, I think our media is largely to blame. For years now, our trusted media has essentially told us that we should be terrified, we should worry constantly for our future, we should just give up and submit to utter destitution. We should expect to lose our jobs tomorrow and just plan on giving our homes back to the banks. Seriously, it's true that the U.S. economy is in the worst shape ever. There are people all over America who have indeed lost jobs, lost benefits, lost their homes. There are local economies that have shriveled up and all but died. That is all true. But, what is also true is that we have to continue moving forward. We can't give up and submit, we have to keep breathing, keep working and just move on.
One of the biggest fears I hear from consumers about buying homes is the fear of losing a job. That's a valid and legitate concern. In order to help folks regain some peace of mind and confidence, one lending institution has implemented a program to help. Every mortgage that they grant has an insurance policy attached, paid for and provided by the bank. In the event of a job loss, this policy provide mortgage payment assistance to alleviate that stress as one seeks a new job. The bank provided policy is for one year; after that, the homeowner may continue the insurance plan at his personal expense and at his option. The idea is to allow buyers to take advantage of the excellent market conditions, move their family into the bigger home, or school district, or neighborhood that suits their needs and have peace of mind in the event of a job loss or layoff.
If you need a new or different home but feel uncertain, I hope this post has helped you know that there are real estate professionals, like myself, who have knowledge and access to programs and options that are real and can help you move forward toward your home goal. The overall U.S. economy is still wounded for sure, but the local Columbia, SC market is still healthy and for buyers, it's ripe for the picking.
But, the problem is that the buyers aren't taking advantage of this market. Interest rates are at historic and almost absurd lows. Home sellers are reducing homes out of frustration and sometimes desperation, even when the home isn't overpriced to begin with. Lenders have finally loosened up lending standards...they figured out that they can't stay in business if they don't actually lend any money. Funny how that works, huh? So, what's the problem?
Personally, I think our media is largely to blame. For years now, our trusted media has essentially told us that we should be terrified, we should worry constantly for our future, we should just give up and submit to utter destitution. We should expect to lose our jobs tomorrow and just plan on giving our homes back to the banks. Seriously, it's true that the U.S. economy is in the worst shape ever. There are people all over America who have indeed lost jobs, lost benefits, lost their homes. There are local economies that have shriveled up and all but died. That is all true. But, what is also true is that we have to continue moving forward. We can't give up and submit, we have to keep breathing, keep working and just move on.
One of the biggest fears I hear from consumers about buying homes is the fear of losing a job. That's a valid and legitate concern. In order to help folks regain some peace of mind and confidence, one lending institution has implemented a program to help. Every mortgage that they grant has an insurance policy attached, paid for and provided by the bank. In the event of a job loss, this policy provide mortgage payment assistance to alleviate that stress as one seeks a new job. The bank provided policy is for one year; after that, the homeowner may continue the insurance plan at his personal expense and at his option. The idea is to allow buyers to take advantage of the excellent market conditions, move their family into the bigger home, or school district, or neighborhood that suits their needs and have peace of mind in the event of a job loss or layoff.
If you need a new or different home but feel uncertain, I hope this post has helped you know that there are real estate professionals, like myself, who have knowledge and access to programs and options that are real and can help you move forward toward your home goal. The overall U.S. economy is still wounded for sure, but the local Columbia, SC market is still healthy and for buyers, it's ripe for the picking.
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