If you’re a boomerang buyer, what do you need to know about our market so that you can have a successful home purchase and become a homeowner again?
First, let’s review what we mean by “boomerang buyer.” Boomerang buyers are buyers who, unfortunately, fell on hard times when the market crashed and had to either sell their home conventionally, do a short sale, or do a foreclosure. Now they’ve recovered, though, and they want to re-enter the market because they see an opportunity.
The first thing boomerang buyers need to know about our market is that purchasing a home with the right terms is key, so you need to get in touch with a good, local loan officer who can help you understand your loan and its terms.
For example, we previously worked with a client who lost their home a few years ago, and we helped them buy a new home using an FHA loan with just a 3.5% down payment. The best part? Their current mortgage payment is actually lower than it was before they lost their previous home. They’re living better, they’re financially savvier, and—most importantly—they’re happier.
Next, keep in mind that while interest rates are inching upward, they’re still historically low, which means your mortgage payment would be competitive with what you’d pay in monthly rent.
If you or anyone you know qualifies as a boomerang buyer, we’d love it if you gave us a call so we can sit down and talk with you about how we can make you a homeowner again.
As always, if you have any other real estate questions, feel free to reach out to us as well. We’d love to help you.