Minnesota Homebuyer Blog: Best 2011 New Year's Resolution--Resolve to Save for a First Home!

Monday, January 3, 2011

Best 2011 New Year's Resolution--Resolve to Save for a First Home!

So as we head into 2011, have you set any financial resolutions or goals? Maybe despite all the gloom, doom and foreclosures of the past several years you are still hoping to be a homeowner one day soon. If homeownership remains your dream, you are in very good company. According to a CNNMoney.com article, Housing Bust? So What? We Still Want to Own, over half of Americans still want to own their own home. In fact, over a quarter of Americans indicated are even MORE likely to buy real estate since the foreclosure crisis.

Surprising? Not to me. As a REALTOR® who has sold homes during this entire decade of rising and falling housing prices, one thing has remained constant: People prefer the freedom of owning their own house and piece of land. Whether it is a bungalow on a corner lot in Oakdale, a two story on acreage in Anoka County or 100 feet of sandy lakeshore on Forest Lake, people want to OWN! The biggest change (and reason I believe that there has been a rise in wanting to own) is simple. Owing a home is affordable again!

Home prices have continued to be at all time lows throughout,the Minneapolis/St Paul area. Though there have been a few areas that have improved a bit, most communities are seeing significantly lower housing prices than a few years ago. Combine this with the record low interest rates and there is a really opportunity for the first time home buyer as we head into 2011.

But one thing has changed since a few years ago, a first time homebuyer will need a down payment. It is also important to have some cash reserved for repairs, remodeling and of course new furnishings for the new house! So how does a first time buyer get started saving?

Here’s a cool financial tool I came across at Mint.com to help would-be first time homebuyers save toward their goal. It is a budgeting tool to show how you are currently spending your money. Once you understand where you are spending your disposable cash, you may choose to divert some of those dollars toward a bigger goal. Check out their "GET YOUR DREAM HOME" that explains their simple system. With a little persistence and perseverance, you may be ringing in 2012 in your very own new home!

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If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in

acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.