Homes
Man, is this where just about everybody gets hosed the first time they purchase. Buying a home for the first time is all smoke and mirrors. If you are an old X-files buff, you’ll remember the line “Trust no one!”. In real estate, this is absolutely true.
Even the people who a supposed to be your advocates are really working against you. Your real estate agent (buying or selling) is just looking to make a quick buck. Your mortgage broker / sales person is always trying to make a fast buck. Your lawyer doesn’t want to be bothered with you at all.
Homes are excellent investment and I have yet to see this area get less than 6% per year in my area. Example my first home was $129,000, which at the time I thought was a great deal of money. 4 years later, I turned around and sold the house for $225,000. Of course my real estate agent pocketed 6%, but that was the best investment I ever made. I most likely will not ever have an investment that matches it.
My second homes costed $398,000. Two years later it assessed for $585,000. Of course these were ideal times for real estate, but if you are planning to own a home for more than ten years, it willl always pane out for you.
Through my one sale and two home purchased, I can tell you that buying a home is simple and selling a home is the literal equivalent to hell. My purchases were quick and clean. My sale took 9 months even though it was only on the market for a total of 4 weeks. I had four buyers work towards a contract with me.
Share my little bit of hell.
Sale 1- The first day the house was on the market, it was sold. Four weeks later we come to find out that the buyers couldn’t qualify for the mortgage. We put the house back on the market.
Sale 2- House is sold one week later. Everything proceeded well here 80 days to close. We got 2 weeks from closing and the buyer demanded that we make our neighboor move there fence two feet back. We ask the neighbor, who was more stubborn than the buyer. They refuse. The buyer drops it.
Sale 3- House is one the maket for two weeks. The buyer drags us along for 90 days. 1 week prior to close, the buyer demand that we lower the price 10%. At this point, we can’t afford to do this with the next home we chose. We had to deny there demand. They got out of Dodge.
Sale 4- 2 fantastic people that loved our home purchased it within 60 days. They take great care of the house, I’m glad they got it.