Long Beach Home Ownership - 1st Time Home Buyers and The American Dream

Laurie - Love your outside blog.  Yes this is an opportunity for both Realtors and Mortage Consultant to help first time buyers get into the market, now that housing price is dropping.

Jennifer,

Thank you.  This was a heart wrencher. What a shame for 1st time buyers to miss the opportunities in today's market. You are right, while mortgages are tough, they are attainable. This is a dream that can happen.

In New Hampshire we are seeing prices falling back to 2003 prices. People who bought in the spring and early summer of 2005 bought at the peak of the market here.

Jay, 

That seems to be holding true for many areas.  It is time for those 1st time buyers to start paying attention before this market turns around again. 

Laurie,

I think the problem was..when they thought of the idea of 100% financing...it was a good one..people just starting out needed a way to afford a home..something they might ever be able to do without 100% financing. The problem now is the only way to get it was to be stuck in these ARM loans...and now they can't keep up with them...result..foreclosure. Interesting story.Sorry to hear about them missing out on that. 1st time buyers are not always as educated as they should be.

Laurie, I'm a link clicker, no problem.  =) What is the big deal about that anyway?  Loved your post.  I hope your consumers will heed your advice.  It's a great time to buy right now.

Hi Laurie,

This was an excellent and all too familiar story you told here.  Loved the way you layed this out and I can see why your post is so well-accepted.  You are truly a marketing genius!  Thanks for sharing with us here on AR.

Lisa Hammerstein

Laurie - another insightful article - you are truly the Long Beach Real Estate expert - thanks for being a leader in our industry.

Laurie, This is such an emotional post. Great job bringing the emotions in while describing the market, I love it.

Neal,

Yes the loans that were being provided were a recipe for disaster.  A young couple would qualify for $290 Fixed or $325 ARM, the property at $325 made the lower priced homes pale in comparison.  Good sense be damned the buyers choose to take the ARM leap.  Not a very wise decision.   There are much smarter loan programs available now, programs that will not get the buyers into trouble or cause them to lose their homes.  It is a good time to buy.

Maggie,

Don't know what the problem with that is - a misguided sense of loyalty - they think they are cheating on AR or something - really absurd - to each their own.  

Thanks, I hope the consumers are listening too, it really is a GREAT time to buy. 

Lisa,

Thank you.  

Cyndee,

Thank you.  Do you find prices in your area reflecting those of 2005 now?

Mana,

Thank you.   

That was a great article and story! (too bad we couldn't put your blog in the challenge...your is pretty nice)

Laurie - Yes - that's exactly where home prices in Tampa Bay are right now and so anyone that's owned a home for longer than 2 years has had incredible equity gains - less than 2 and you don't want to sell unless you have to. 

Hello Laurie,

A very nice job on your market expansion and contraction. Whatever happened to your Buyers? Are they rich yet?

BTW, Your optomalization of your blog is awesome. Way to go Laurie!

Laurie- Excellent post on the vagaries of our market in the last few years..  Now is the time for buyers to sit down and map out where they want to be in five years.  Prices have gone down and a smart buyer with a plan will do well if they hold a property for at least 5 years. Rates are still very low and these properties fall into the conforming loan area  making them very affordable.

Laurie, like I stated on your other blog, there is a good and bad in every market condition. Thing are either bad for the Buyers, or they are bad for the Sellers. Our job is to be able to get people into homes in what ever condition exists at the time.

Laurie, it's great that first time buyers can now afford properties!  A healthy market is one where everyone can afford basic housing!

Sally,

Thank you.  Maybe another challenge, we will have more.  This one has been successful.  We wanted our members to go out into the blog world and learn what others are doing in the hopes that they will learn and bring it back with them.  There is some great stuff out there and you cant get bitten by visiting another web page, even though some act like they would.  I really just cracks me up.  

Cyndee,

It seems that the Florida and California market are very much the same.  I speak with a lot of you Floridians and the markets aways seem to parallel each other.

William,

Thank you.  My buyers?  Most of my sellers relocate out of state, many to Washington and Oregon for early retirement/work at home.  I have retired several buyers early in life, one woman at 42 after a series of planned purchases and sales.  She is currently living on a bluff in Washington State in 3500 square feet of the most gorgeous home you ever layed eyes on.  I take very good care of my clients.

Kaye,

That is exactly right, have to have a solid workable plan, 5 years is good in todays market.

George,

I agree, it is challenging sometimes though.   

Chris,

Yes it is important to our economy that 1st time buyers are able to make their purchases.  The American Dream is alive and well again.

Laurie, Love the way you make a point! You make me want to read more with your excellent use of links. Thanks for sharing. BTW, did this young couple ever buy?

Laurie, what a wonderful and engaging post.  I love the stories of first time buyers.  The lesson here is to NOT give up.  There is a home out there for everyone!

Margaret,

Thank you.   No, it was a real heart wrencher, the husband spent the money on a personal toy, she called me in tears. 

Irina,

There is another lesson here.  Know your limitations.  The house was the golden ring for this couple, they didn't recognize it.   I wish this were a happy ending story.