PattiMace.com

I would love it if you all would please post on my website your thoughts on the economic conditions so that I and others can have your input in regards to purchasing homes while the economy is in a recession. In this real estate market there are positives and negatives regarding buying or selling a home.

On the good side first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one.  This purchase is a positive for the economy, plus once the first-time home buyer purchases the home it leaves the door open for the seller to move on or up to a larger home which continues to help stimulate the economy.

Unfortunately for sellers home prices have dropped significantly especially with all the foreclosures and short sales on the market.  Depending on where the home is located it may be a few years before home prices begin to move in an upward direction.  

 Post to me your thoughts!  Also, keep working on your credit score and saving towards your new home. 

www.pattimace.com,  or patti@pattimace.com

hope to hear from you all….

With the woes of the economy it is more important now than ever before that you are controlling your debt and saving for your goals whether it be a home, a car, or your childrens college fund.  With the end of the year approaching now is the time to sit down and do a review of your finances and spending habits and work on how to achieve your goals for 2009 and forward.  Setting a family budget will help to make it easier to reach your savings goal. 

While working on your budget look to make sure your debt to value ratio is following along the 28/36 percent rule.  This is a rule that is followed by the mortgage lenders when a person is looking to purchase a home.  Your MORTGAGE payment should not exceed 28 percent of your monthly income, and your total outstanding debt should not exceed 36 percent of your monthly income.

With your budget in place try not to add any new debt and stay diligent to pay off your current debt by starting with the credit card debt with the highest interest rate.

When you set up your budget and your savings goal be sure to have a seperate fund for Emergencies. Unfortunately it is those unexpected expenses that can throw the budget completely so always try to put aside funds from each check for these type of expenses..such as car breaking down, or an illness.

As you learn to manage and stay within your budget you will see how life seems to be easier to deal with when you are not stressing over your finances.  Good Luck!

Talk to you Soon,

Patti

patti@pattimace.com

Have you felt the strain from the direction our Economy is heading? Your not alone, many Americans are tightening spending habits and preparing for the Recession our Country is looks to be in or heading into.  According to Economist-Americans have been in a recession since Spring, and I am in agreeance.  So what is the time frame to move out of this recession?  Most Economist are anticipating that it will take until this time next year before Americans will stop feeling the stress of our Economy. But with this recession reaching Globally it may take a little longer for America and other Countries to recover.

Let me know your insight on how you feel people can adjust to our Changing Economy.

Take Care

Patti@pattimace.com