NOW May Not Be the Perfect Time to Buy, but it IS the Perfect Time to Start Your Preparation

NOW May Not Be the Perfect Time to Buy, 
but it IS the Perfect Time 
to Start Your Preparation 



     A recent survey performed by Fannie Mae reported that a majority of Millennials feel that owning a home makes more sense that renting does.  And a full 49% said that their next move would be to a home of their own ...

Millennials: How to Establish Credit Quickly and Easily


     Add that info and statistic to the statistics reported below and you quickly see what a great impact these actions could have on our economy, lifestyles, communities, etc., not to mention the real estate industry itself, should they become reality:

  • U.S. Millennials number 66 million individuals 
  • The median age for First-Time Homebuyers during 2015 was 31 years of age
  • Two-thirds of millennials haven’t reached that homebuying age of 31 
  • 22% are under 25 years old
  • Millennials are expected to form 20 million new households by the year of 2025


     What this means, of course, is that the Chicagoland real estate market (and others) could experience a large influx of young Millennial - First-Time Home Buyers entering the market within the next decade.

      Do these statistics represent your hopes or intentions?  A family member's?  A friend's?  If they do ...

     Whether a First-Time Buyer, a Millennial, or anyone else planning on buying a home in Chicagoland at some point in the future, I recommend that you start planning for your purchase NOW.  The more prepared you are for a home purchase, the better.

     So where and how do you start your planning and preparation?

     My first suggested step is always:  Talk to a Mortgage professional.  

     If hoping to buy in Chicagoland (IL/WI), reach out to me.  We'll go over your finances and credit together, talk about your plans and goals, and get you on the best path for buying a home smoothly and successfully.

     
But then what?   

     During this interim waiting period:  With your plan for building upon your finances and maximizing your credit scores on-track ... you can move your home buying preparation and focus on to some fun activities and helpful research.  

     When it comes time to work with a Realtor, you'll be asked many questions. Be better prepared to answer those questions.  Do some preliminary homework in advance of buying regarding the following:

  • What style/design of home do you prefer?
  • Condominium, Townhome, Single-Family?
  • Established home or New Construction?
  • Move-in Ready .. or Home with Projects?
  • Which town?
  • Which Neighborhoods?
  • Downtowns
  • Transportation?  (Highways, airports, streets, transit, cabs, commute time, etc.)
  • Walking-or-Biking Friendly?
  • Quality Schools?
  • Park Districts?  Entertainment?  Restaurants? 
  • Crime Statistics?
  • Shopping nearby?
  • HOA or no?  Rules/Regulations/Laws?
  • Internet Services?  Connectivity?  Etc.
  • Property Tax Rates?
  • Friends/Family Nearby?
  • Noise levels Day and Night?
  • More ...


     There is lots to know and consider, isn't there?  So when starting your research and quest to buy/ finance a home, read and learn as much as possible regarding the process in its entirety, start to finish.  Also get to know the real estate market in which you hope to buy or build.

     Also ask yourself:  What are my tastes and lifestyle needs? Then construct a list of the items and concerns most important to you. 

     A great resource that will help you during this time of discovery can be the Pinterest social media website. There's a myriad of topic Boards available there for browsing and learning from a full array of real estate-related companies and professionals. 

     Pinterest will help you discover your personal likes/ dislikes as it pertains to architectural styles, housing features, and decor.  Helpful info regarding the process of buying/selling/financing, mortgage options, housing/ mortgage terminology, new construction, landscaping, home maintenance, and much more can also be found there.  

     For those hoping to buy in the Chicagoland area, please consider viewing my Pinterest site and boards.  I offer a full variety of real estate-related topics and local info that can prove of value, interest, and entertainment to you or anyone considering a move to the Chicago - Chicagoland area.
     

Pinterest Boards - Gene Mundt, Mortgage Originator

     Below are just some of the Pinterest Boards, info, and topics you can find on my Pinterest site:


     I recommend you check-out the Boards of other Pinterest members too ...   

     If you're a Millennial (or other hopeful future Home Buyer) dreaming of buying at some point "down the road" ... 

     NOW May Not Be the Perfect Time to Buy, but It IS the Perfect Time to Start Your Preparation.  

     NOW is a great time to start your home buying journey.  NOW, while there is no real estate contract or time-related deadline facing you.  

     NOW is the perfect time to educate and familiarize yourself with the process of home buying.  NOW, when you have the time to polish and maximize the potential of your Credit Scores. 

     NOW is certainly the time to get a good head start ... 


 

    

 

     * Hoping to Buy or Refinance a Home in New Lenox or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
 
  
Gene Mundt
 
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
nmls #175656
 
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

    

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

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Comments

Hi Gene - This is wonderful advice for millenials - they are surely eventually going to want to buy homes, and when they do the proper preparation will make a huge difference.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 2 years ago

Gene it is never to early to get pre-qualified and find out if there are any issues that have to be taken care of ahead of time. 

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 2 years ago

Hello Gene - another spot-on blog post, full of information to get the wheels of the mind turning.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) almost 2 years ago

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi As soon as we get rid of Dodd-Frank maybe the lenders will make it a little easier for everybody to get a mortgage.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) almost 2 years ago

Gene

With the prices on rentals going through the roof . . . . Now is the time to move forward to buy a home and get out of the rental mary go round.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 2 years ago

Gene

Gene this is a good  time to put yourself into into position to buy a home.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 2 years ago

Sage advice for everyone, Gene.  It's never too late to start planning and saving.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 2 years ago

This is outstanding advice to share with future home owners.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 2 years ago

Gene- I'm going to save this and send this to some Millennials I know who are hoping to buy a home in the next year or two.  Your information sets out exactly what they need to know and what they need to do now. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) almost 2 years ago

Getting ready and being prepared makes the whole transaction go so much smoother. Great post Gene!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 2 years ago

Hi Gene - those are the statistics and these young people will be buying by age 31.  I know many who smartly follow your suggestion and plan financially. 

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) almost 2 years ago

This is a great tip, Gene. You can be sure when the buyers are ready they will be totally prepared. As usual, very valuable advice from you.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) almost 2 years ago

I missed this the first time. So glad that Roy Kelley chooses such great reposts. 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) almost 2 years ago

Valuable tip, Gene!  So many just jump in with no preparation and I love working with lenders who believe in preparation work!  It's a win-win for all parties involved!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) almost 2 years ago

Millennials  would be wise to use your services and follow your advice!

I remember how hard it was for me to get the right information, a compass, a blueprint, or just the right person to help guide me in Chicago back in the 1970's before Millennials were born! They are lucky to live in the age of information via INTERNET but the best source of information comes from referrals and people like Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  who has been in the business for many years.   

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) almost 2 years ago

This is excellent advice....should be Featured!

I'm more into preaching the value of early prep for sellers...it's just as important for buyers!

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) almost 2 years ago

Participate