We recently read an interesting article by Catherine New at DailyFinance.com about the impact of Latino home buyers on the real estate market’s recovery in California and other states with a large Hispanic population. According to the article, the Hispanic community was hit hardest in the last few years by foreclosures in California, with almost half of them during a recent three-year period affecting homeowners in that demographic group.
The article also discusses the many real estate opportunities that now exist for first-time homeowners or anyone looking to buy a new house. An obvious important aspect of buying a new home is now to make sure you do not buy more than you can afford and to completely understand the fine print of any mortgage agreement you sign. The housing market collapsed a few years ago primarily because so many people could no longer afford the larger-then-needed homes they bought with adjustable-rate mortgages that seemed like a good deal in the first few years.
Another article we read, by Chris Sikich at IndyStar.com, also discusses two other demographic groups that will influence the recovery of the housing market: elderly people moving into smaller houses as their families and need for space shrink, along with first-time homeowners. The article also mentions the importance of buying a house you can afford, which includes consideration of the monthly utility bills. These days, and with a tighter economy looming large in the foreseeable future, energy-efficient houses with fairly new heating and cooling equipment will be in high demand compared to homes that still uses older, less-efficient equipment.
Whether or not you are a member of an ethnic minority group or a baby-boomer approaching a new stage of life in an empty nest, if you are considering buying a new home, it is more important than ever to have a good understanding of both the current real estate market and the true impact that buying a new home will have on your short-term and long-term financial security.
At the Law Offices of Connie Yi, P.C., we are uniquely qualified to help you understand all of the nuances of finding a mortgage and buying a new house in today’s complicated world. In addition to be an experienced California tax and real estate attorney, Connie Yi is a licensed real estate broker and a Certified Public Accountant who can discuss every aspect of your family’s important financial and legal issues, from a perspective that blends together and considers all of the possible ramifications of the many decisions you will need to make.
If you would like to schedule a free consultation with Connie Yi to learn more about buying a house in conjunction with the short- and long-term financial and tax considerations of the transaction, please contact us.