Boomerang Buyers: Don’t Be Afraid to Buy a Home Again! ~ Sawgrass ~ Lake Nona ~ Hunter's Creek ~ SouthChase ~ MeadowWoods ~ Eagle Bay ~ Kissimmee

Dated: 05/28/2019

Views: 2

Boomerang Buyers: Don’t Be Afraid to Buy a Home Again! | MyKCM

According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.

According to the 2019 Home Buyer Report from NerdWallet,

Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.”

This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop riding it because you fell on the ground and scraped your knees? Or did you get back on and try again until you were able to ride without falling?

Purchasing a home is not as simple as learning to ride a bike, but the concept is the same! There are many things necessary to learn that affect the ability to get the financing needed to purchase a home. Past occurrences can determine if there is a waiting period. In other words, you need to let your knees heal before you try again!

As we’ve mentioned in the past, homeownership has many financial and non-financial benefits. Each person needs to go over the pros and cons, taking the time to figure out what is best for their family. Should they continue renting, or should they try to buy again?

The good news is that some “boomerang buyers” are getting back into the market. They’re getting back on their bike!

“Of 2.8 million former homeowners whose foreclosures, short sales or bankruptcies dropped off their credit reports from January 2016 to November 2018, 11.5% have obtained a new mortgage, according to a study by credit rating agency Experian for USA Today.”

NerdWallet’s report also mentioned:

  • 6% plan to buy a house this year.
  • 39% intend to buy over the next 3 years.
  • 58% say they will purchase within 5 years.

Bottom Line

If you lost a home due to a financial event but would like to review your options, let’s get together to help you create a plan to obtain a home in the future!

Proudly Serving: ~ Sawgrass ~ Lake Nona ~ Hunter's Creek ~ SouthChase ~ MeadowWoods ~ Eagle Bay ~ Kissimmee

Blog author image

Christina De La Fuente

As an Orlando native, I've been helping people find the perfect home for over 14 years. I'm here to help you buy, sell, or rent your next home. I specialize in the South & West Orlando area & Kissimme....

Latest Blog Posts

5 SIMPLE STEPS FOR A BETTER HOME APPRAISAL IN 2019

If you’re looking to refinance your home or possibly sell, you’ll need a killer appraisal. A bank will not refinance a home for more than it is worth, and a potential buyer will not pay

Read More

Should I Refinance My Home? - Celebration Florida - Reunion Florida - Champions Gate Florida - Providence Florida - Davenport Florida - Clermont Florida - houses for sale in Haines city fl

Should I Refinance My Home?With the recent lower interest rates, many homeowners are wondering if they should refinance.To decide if refinancing is the best option for your family, start by asking

Read More

Tips For Running a Successful Garage Sale - PRIME|LOCAL HOMES GROUP

Awww, summer. It’s a great time to go through the closets and find anything you’re not using. But what do you do with all that junk that’s no longer in your trunk? For lots of

Read More