I often hear complaints about how hard it is to purchase a home these days. It’s not only the bidding process on the home itself, but it’s really a lot harder to secure a mortgage.
There is a lot more documentation required, and the series of checks and balances along the way seem to be endless. Explanations are even required if Grandma gives you a hundred bucks as a birthday gift.
But haven’t we ALWAYS expected to go to a little more trouble to get a bargain? Isn’t that why customers camp out if front of stores on the eve of a big sale? We never complain about huge crowds or long lines at the cash register if the price of the item is low enough to justify the inconvenience.
And that’s where we are in the real estate market of today. The prices are LOW enough to justify a LOT of inconvenience. And while there are many more hoops through which to jump, the reward can be huge!
And while doing what needs to be done to purchase a home now can be a nuisance, it is relatively short term bother and eventually will be over.
But the benefits of a little trouble now can be enjoyed for the next thirty years!
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Richard, well said. But the foreclosure process sure can make people want to pull their hair out. Talk about an upside down way of doing things!
The rewards can be huge indeed and certainly worth jumping through a few hoops ! And every once in awhile, amazingly enough, it can be super smooth !
The rewards can be huge indeed and certainly worth jumping through a few hoops ! And every once in awhile, amazingly enough, it can be super smooth !
Very good post...I have to remind clients of that all the time....that they are getting good bargains!!! The trouble is worth it!!!
Hi Richard... In a world where many have become accustomed to instant gratification, even the slightest inconvenience seems to be too much for many people to accept.
LOVE this one. I had a client call me yesterday complaining about the letter they had to get from the grandmother's bank. The grandmom was giving $9,000 - the client called and said "do I really have to get this letter, there is a really long line at the bank ..." (I kid you not, she called my while in line, at the bank). I LOVE it.
If it was all so easy it wouldn't be called work. But your point is well taken. A little effort now can be enjoyed for the next 30 years!
Richard, a little inconvenience is well worth the final reward. We have to realize that jumping through hoops is going to be the norm for purchasing a home in the future.
Richard: Considering a home purchase is one of the largest purchases anyone we represent will likely ever make, I think a few hoops to jump through is not too much to ask. Nevermind that real estate is more affordable now than it has been.
Richard something worth having is worth working for or waiting for. We live in a microwave society and people have been spoiled to get instant gratification.
"Keep your eyes on the prize". Yes, it can be lengthy process today to finally get to the Closing table but the payoff is worth it. Thanks for a great blog.
The people who are jumping through the hoops right now will be very happy they did in 20 years.
Hi Richard, I have worked with some buyers that everything went so smoothly we thought we were forgetting something and then for other buyers there was a snaffu every step of the way. Buyers need to know that regardless of the effort required, it is well worth it in the end.
Richard I have always been a firm believer anything worth doing is worth doing a well as it can be done. Buying a home takes some work but the rewards are long term.
And the hoops you jump through today may totally different than the ones for tomorrow. But, like you said...the price makes it worth it!
Hi Richard,
You make an excellent point..nothing worth while is easy. A few challenges are but a blip on the screen when you look at it in the long run! Thanks for a great post!
It;s been a long day, hopefully I accomplished something.
Thanks for all of the great comments!
For those of us old enough to remember, it's still easier to buy a home today than it was 15 or 20 years ago when it was 20% down and all the same requirements as today. (Not to mention 10 to 18% interest rates)