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How to Make the Dream of Homeownership a Reality This Year

1/19/2021

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​How to Make the Dream of Homeownership a Reality This Year

In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where we can grow and flourish.
If you’re dreaming of buying a home this year, start by connecting with a local real estate professional to understand what goes into the process. With a trusted advisor at your side, you can then begin to answer the questions below to set yourself up for homebuying success.
1. How Can I Better Understand the Process, and How Much Can I Afford?The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.
Keep in mind, before you start the process to purchase a home, you’ll also need to apply for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. If your financial situation has changed recently, be sure to discuss that with your lender as well. Most agents have loan officers they trust and will provide referrals for you.
According to ConsumerReports.org:
“Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

2. How Much Do I Need for a Down Payment?In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down.
If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says:
“Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”
Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.
3. Saving Takes Time: Practice Living on a BudgetAs tempting as it is to pass the extra time you may be spending at home these days with a little retail therapy, putting that extra money toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score.
A survey of millennial spending shows, “68% reported that shelter in place orders helped them save for their down payment.” Danielle Hale, Chief Economist at realtor.com, also notes:
"If there is any silver lining to the current economic landscape, it's that mortgage rates are hanging around record lows…Additionally, shelter-in-place orders helped many who were fortunate enough to keep their jobs save for a down payment -- one of the largest hurdles of buying a home. The combination of low rates and the opportunity to save is enabling many millennials to move up their home buying timeline."
While you don’t need to cut all of the extras out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.
Bottom LineIf homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. To determine the steps you should take to start the process, let’s connect today.
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    Sandy Winkler is Broker/Owner of Winkler Realty Group LLC.  Sandy has been an active Licensed Realtor since 2002 and earned her Broker's license in 2005.  She opened her own business in 2017 and currently works out of her office on the Island of Venice, doing what she loves to do:  Helping people buy and sell homes to make their dreams come true!

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  • Home Page
  • SELLERS
    • Whats My Home Worth
    • We Need Homes To Sell
    • Adding Curb Appeal to Your Home
    • Deep Clean When Your Home is For Sale
    • How To Attract More Buyers
    • Improve Your Odds of an Offer
    • Maximize Home Showings
    • Preparing for the Photo Shoot
    • Recognizing A Qualified Buyer
    • The Appraisal Process
    • Tips to Prepare Your Home For Sale
    • SellingorBuying
  • BUYERS
    • 7 Reasons to Own A Home
    • Alternative Financing
    • Appraisal Process
    • Cash To Close Program
    • Home Inspections What to Know
    • HomeOwners Insurance What to Know
    • Dream Home Worksheet
    • How Much House Can I Afford?
    • Preparing for House Hunting
    • Prepare to Buy a Home
    • Rent VS Buy
    • Title Insurance What to Know
  • FREE INFO
    • Coupons and Offers
    • GUIDES
    • Home Assessment
    • Home Tracker
    • Magazine
    • Neighborhood News
    • Neighborhood Alerts
    • Newsletter >
      • Newsletter Sign Up
  • Search for Homes
    • 1330 Cambridge Dr
    • Just Listed Sarsota County
    • Just Listed Venice Gardens
    • Englewood Homes For Sale
    • North Port Homes for Sale
    • Sarasota Homes For Sale
    • Venice Homes For Sale
    • Move to Florida
    • 2337 Bal Harbour Dr SOLD
    • 1644 Juniper Dr SOLD
    • 11087 Palmerston Ave SOLD
  • Contact Us
    • Join Us
    • ABOUT US
  • Blog
  • New Contruction SEARCH