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As a Chicagoland Home Buyer You Need to Decide ... Do you Want to Save a Little or a Lot?

As a Chicagoland Home Buyer 
You Need to Decide ... 
Do you Want to Save a Little or a Lot? 

     When bad things happen once or twice, I find it to be circumstance.  Add a few more "things" into the mix and I consider it plain ol' bad luck.  Add several more and I say it's not bad luck anymore.  Maybe it's time to analyze the choices you're making.

     Lately, I've been seeing a trend developing within some  clients' Home Buying transactions ... that being Home Buyers holding firm on purchase offers (and their demands) while yet another property they've dreamed of buying is sold to a higher bidder.  And one not quite so demanding.

     One of my clients has had this happen multiple times.  To their credit, each time it's happened they've picked themselves up, brushed themselves off and moved on to view another batch of listings.  And each time they've found another Chicagoland home to "fall in love with" and make an offer on.  

     Their strategy for Buying a Home might have worked in a different and slower housing market.  But that's not the market we are presently seeing here in Chicagoland ... or many other areas across our nation.  The market has evolved. 

     I understand their goal.  Who doesn't want to buy at the perfect time, buy "right" and get a killer deal.  But know what "penny wise or pound foolish" means?  If not, look in a dictionary.  My clients photos are there right next to the definition and are a perfect example of it. 

     Consider the very real, painful and costly situation they are facing right now ...

     About 3 months ago, they found their first perfect home.  But their bid stalled and negotiations broke down.  At that time, Interest Rates were 3.5% on a 30-year Fixed-Rate Mortgage.  

     These clients moved on to another home and made an offer on it.  Same thing happened.  Then it happened again.  A couple of the homes had a "flaw" revealed during inspection. Very minor. Nothing structural in nature.  Always an easy fix for fairly small amounts of money.  

     They haggled and haggled with the Sellers to save a few
thousand dollars on the Sales Price or to get repairs done.  Each time they ultimately walked away when the Sellers didn't budge "enough".  But at what  cost?  

     Let's assess the true outcome of their decisions ...

     They're obviously still not in a new home.  That's a disappointment for sure.  And as of this writing, Interest Rates are now pushing 4.75%.  The amount my clients hoped to borrow on each of their chosen homes remained pretty steady throughout their 3-month search.  But now the cost of borrowing that money has risen higher.  $160.45 per month higher ...

     Should they put a deal together on another home and borrow the same amount they hoped to before ... that rise in Interest Rates over their 30 year loan (360 payments) will add up to $57,762.  Compare that to the relatively minor "savings" they hoped to negotiate on Sales Price ... or the small repairs they were demanding on other properties.  The "savings" they pursued weren't really "savings" at all, especially when you consider they're still not in a new home.  That truly was their ultimate goal.  

     So my message is this ... you can't afford to always measure your bottom line and the quality of the "deal" on the price of a home only.  As a Chicagoland Home Buyer you need to decide what IS your real goal ... and do you want to save a little or a lot?  

     Let's talk so you find the right answer ...

     *  Hoping to Buy a Home or Refinance in New Lenox, Will/DuPage County, or elsewhere in Chicagoland?  Contact me today!  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell/Text:  708.921.6331
 eFax:  815.524/2281









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