Saw a recent article filled with a lot of statistics about the number of homes on the market that were not affordable to the average American. After reading a few paragraphs of statistics, I found myself asking:
• If so many homes are not affordable, how many are affordable and affordable to whom?
• For those homes that are not affordable, why aren’t’ they?
• And since when does the price range of all the homes on the market have to be affordable to all buyers?
Now, today’s page of the Business Section today that foreclosure filings have increased this year, not only in CT, but across the country as well. These homes will go on the market because they are not affordable any more. And if they aren’t affordable, who can afford them?
Most First Home Buyers come to me for Mortgage Pre-Approval with big dreams, high hopes and a lot of questions. Too often folks want to buy a home in a price range they cannot afford. Usually it’s because their situation does not merit the interest rates they see in the newspaper; they haven’t considered real estate taxes and home insurance; and the cost of mortgage insurance may not be in their calculations.
It is my job to help home buyers set realistic expectations and help them see how big a house they can afford and how large a mortgage they qualify for. Getting prospective home buyers Pre-Approved for mortgage is an exercise to insure that “families live comfortably and financially secure in their own home.”