Business & Tech
Yes, you can buy that first home!
If you are currently a renter, you might consider attending a seminar aimed at demystifying the home buying process.
“Yes, you can!” several local experts tell renters looking to purchase their first home.
Although renting might be at an all time high right now—as much as 50%, said loan officer Paul McFadden with The Legacy Group, it is still possible to get a loan and buy that first house.
Three local business people, who want to be engaged and give back to their community, have joined forces to organize a seminar for renters who aren’t sure how to tackle that first home purchase and need more information about the process.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
“Most people are renting for a number of reasons,” said McFadden. “Some are uncertain because of their jobs, and don’t want to make a commitment,” [to a new home].
In other cases, some renters have already experienced a foreclosure or other bad luck that causes them to “sit on the sidelines” for awhile, he said.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
McFadden and his co-organizers of the seminar want renters to know that they can get back into the home buying market.
According to McFadden, prices are at their lowest since 2005, and mortgage rates are still at or near their lowest rates.
Kari Hovde, a realtor with K. Properties, and Rosalba Pantoja, with American Family Insurance will join McFadden in providing the one and one-half hour workshop on February 17.
Hovde will cover topics such as understanding the current market fluctuations, establishing a budget that meets your needs (too often, McFadden said, new home buyers buy too much house for their budget), and how to negotiate a price on a home.
Pantoja’s expertise lies with insurance and the importance of home inspections. For example, moss on the roof is not a good thing, Pantoja said. Many new home buyers completely overlook that during an inspection.
Insurance related issues are other important topics to consider and will be addressed during the seminar, including whether or not you need flood and earthquake insurance.
The main focus of the seminar, said McFadden, is to educate renters, not to overwhelm them in the home buying process. The seminar is free and will be held On Thursday, Feb. 17 from 7 to 8:30 p.m. at the American Family Insurance offices at 3155 NE Sunset Boulevard.
