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
1. Homes are bought by comparison. I have a large inventory at my disposal through MLS while you have an inventory of one.
2. I am very familiar with competitive houses so I can help you position your home well.
3. It is hard negotiating for yourself. I have lots of experience in writing contracts and can negotiate aggressively on your behalf.
4. Buyers are not always forthright about their financial situation. I insist on pre-qualifying before I even bring you an offer.
5. My lender contacts and mortgage experience help buyers get the financing they need.
6. Most buyers don’t want to tell the seller why they don’t make an offer. I can probe the buyer or his agent for that information.
7. Any follow up you do with a buyer can be seen as desperation. I follow up as part of my job so that you are not perceived in a compromising light.
8. I can showcase your improvements better so that you don’t appear like you are “selling.”
9. Most sellers who spend their time as a For Sale By Owner end up by listing in the end. A recent NAR survey found that only 11% of sellers nationally ended up selling by owner. Why spend your time and money if in the end you will hire a REALTOR?
10. Unqualified buyers can tie up your home. I make sure that doesn’t happen.
11. Personality conflicts with a buyer can get in the way. I come between the buyer and the seller so that personalities don’t enter in.
