Down Payment Assistance 2024

Coins, money
Money

There are funds available for downpayment assistance for home buyers. Especially first-time homebuyers and first-generation home buyers. By the way, often people who have not purchased a home in the last three years qualify as first-time home buyers.

There are programs for specific areas like the whole city of St. Paul or Minneapolis. My husband and I bought our first home using a program through the City of St. Paul. Through the program, we got a forgivable downpayment grant and a lower interest rate. I can still remember how thrilled we were to be homeowners.

Just click on the link to learn more about downpayment assistance.

Ask your lender about down payment assistance programs and other programs you might be eligible for. Some of these programs will run out of money long before the year is over so hurry.

I have helped several home buyers successfully use downpayment assistance. I believe in these programs because they made a huge difference in my own life.

 

You are being watched

The sign outside my office

When touring homes with buyers I always assume that someone is watching or listening or both. Houses have doorbells that can see and hear and some have smart speakers on the kitchen counter. There may be cameras throughout the house.

Sometimes homeowners will hold it against the buyer who comments on how ugly the couch is.

Sellers can get pretty worked up about what they see and hear.

If you are touring houses it is best to hold your comments until you get far enough away from the house so that the doorbell camera can’t hear you. On the other hand, if you have something to say that you want the sellers to hear and you believe they can hear you go for it!

 

A poem for people who bought houses in 2023

wreath
Merry Christmas and Happy Holidays

AI is all the rage this year. Apparently, it is going to make real estate agents fabulously wealthy just like Facebook and Twitter did. I asked both BARD and ChatGPT to write a Christmas poem about home buyers. The poem that follows is the one I thought was the best:

No more carols sung in rented halls,
No more dreams confined by thin, shared walls.
This Christmastide, a joy most bright,
Your own brick haven bathed in winter’s light.

The stress of offers, papers piled high,
Fades in the glow of hearthfire’s sigh.
Keys jingle soft, a whispered chime,
Your first Yule log, burning bold and prime.

Stars peek through gables, frosted white,
As laughter dances through the halls at night.
Stocking stockings by the cozy fire,
Whispers of wishes rising ever higher.

Cinnamon scents and sugared plums,
Warmth seeping through every room.
Children’s eyes wide with Christmas cheer,
Building worlds on floors, year after year.

No landlord’s grumbles, no paint chipped thin,
This nest belongs to you, within, within.
From porch swing swaying in the frosted air,
To whispered secrets on the bedroom stair.

So raise a glass, let carols sound,
Cheers to your haven, newly found.
May every joy this season bring,
Fill your home with endless winter’s spring.

For this Christmas, wrapped in frosted bliss,
You’ve gifted yourself happiness.

Merry Christmas, new homeowners bold,
May your stories, like snowflakes, forever unfold.

It is kind of cute but there is no mention of the leaky pipe on Christmas eve. or the possibility that the furnace will go out on New Year’s day but I guess most home buyers find out about that soon enough.

About online reviews

Online reviews of real estate agents, doctors, and books are an excellent idea. Unfortunately, they are not very helpful. Most if not all real estate agents have five-star ratings. Often the questions asked on the surveys don’t hit on anything that matters. Often it is only satisfied customers who are offered a survey.

Sure the doctor was on time and he gets a 5 for that but he is also a bully and his “charts” contain inaccurate information. That kind of information is valuable to people who are looking for a doctor. Sure being on time is important too but doctors can do things or not do things that cause a lot more harm than keeping patients waiting.

I have worked with hundreds of real estate clients over the years and I can tell you that no two clients are the same and neither are any two properties. First-time home buyers who have only had experience with one agent may not even notice that their agent did not do a good job. They don’t understand that for agents being on time and answering the phone is a small part of what is important.

A better way to vet an agent is to ask friends, neighbors, co-workers, and family members for recommendations, especially those who have recently worked with a real estate agent.

Maybe next year . . .

Christmas wreath
Holiday decorations

I have been reading the predictions for the housing market for 2024. People who work in the real estate industry are predicting another marvelous year.  Those predictions are good for the moral of real estate agents everywhere.

Most experts are predicting that mortgage interest rates will go down which will make homes more affordable for many but they are still expensive and too expensive for some. Those who can buy are going to have some challenges because home owners who are locked into mortgages are not going to jump at the chance to sell and end up with a larger mortgage.

In other words next year probably isn’t going to be a great year for most home buyers. Will people buy houses? Absolutely.

For those who managed to bag a house this year before the holidays I have a poem that I wrote thith help from AI:

No more carols sung in rented halls,
No more dreams confined by thin, shared walls.
This Christmastide, a joy most bright,
Your own brick haven bathed in winter’s light.

The stress of offers, papers piled high,
Fades in the glow of hearthfire’s sigh.
Keys jingle soft, a whispered chime,
Your first Yule log, burning bold and prime.

Stars peek through gables, frosted white,
As laughter dances through the halls at night.
Stocking stockings by the cozy fire,
Whispers of wishes rising ever higher.

Cinnamon scents and sugared plums,
Warmth seeping through every room.
Children’s eyes wide with Christmas cheer,
Building worlds on floors, year after year.

No landlord’s grumbles, no paint chipped thin,
This nest belongs to you, within, within.
From porch swing swaying in the frosted air,
To whispered secrets on the bedroom stair.

So raise a glass, let carols sound,
Cheers to your haven, newly found.
May every joy this season bring,
Fill your home with endless winter’s spring.

For this Christmas, wrapped in frosted bliss,
You’ve gifted yourself happiness.

Merry Christmas, new homeowners bold,
May your stories, like snowflakes, forever unfold.

If homeownership is a goal for 2024 now is the time to get started. Talk to a lender today.

Mortgage rates over 7% but going in the right direction

Yes, mortgage interest rates are still ridiculously high but they are going in the right direction. Just because your parents had to pay 8%, or 9% or more doesn’t mean 7.29% is a deal. Houses are proportionally more expensive today than they were in the 1980s.  Houses have gone up by 310% since 1980. Wages have gone up about 17.5% since 1980.

If a lender or a real estate agent suggests that home buyers are dating the mortgage but marrying the house just walk away. It costs money to refinance and if housing prices level out or go down home buyers wishing to refinance may find themselves with no equity, or worse.

Mortgage rate chart Nov 2023
Mortgage interest rates

Cash buyers can take advantage of softer prices during the holidays and fewer buyers to compete with.