Even though most people start their New Year’s resolutions on January 1, some people add resolutions as the year progresses.Dreaming of a Home in 2015? Focus on Saving. For some, that goal is realizing the dream of homeownership. Beginning the process of buying a home can be daunting, buy it is easy enough to begin working on the first step -saving for a down payment. According to the National Association of REALTORS®’ 2014 Profile of Home Buyers and Sellers, 65 percent of home buyers utilize their savings account for a downpayment; however, buyers find many other ways to finance a down payment, including selling stocks or bonds, relying on gifts from their friends or relatives, retirement funds or using the proceeds from another home sale.
Beginning to build savings should be a priority for potential buyers because it can take some time. According to NAR’s report, it took half of buyers a year or less to save for a down payment, while another 19 percent said it took between one and two years to build their savings account. Additionally, 29 percent said they needed more than two years to save.
In speaking with a local home buyer, Terry Riffe, she explains why her family plans on using money from a savings account as opposed to cashing in stocks or retirement funds, ” With more than enough money in our savings account for our downpayment, it just makes sense to us to use those funds. We have been planning our retirement for many years and feel more comfortable in leaving those funds for that purpose”.
Regardless of which option you plan to utilize for your downpayment, focusing on securing those funds is the first step in purchasing your new home. For all of your home buying needs or questions, call me at (407) 800-0888 or send me an email email@example.com.