Thanks Mom and Dad!!

Before the housing bust, saving wasn’t a major priority for Bay Area young professionals.  Not only, to the chagrin of Suze Orman, were we in a society and era that promoted mass consumption, buying a home was so much more expensive than renting that there wasn’t a huge incentive to save.

Enter the housing bust beginning in 2007 and the rapid decline in home prices and interest rates.  Suddenly, especially in many East Bay cities, buying a home became much more affordable.  Deals were all over the place but the Bay’s young professionals were at varying levels of preparedness.  Most simply hadn’t lived a lifestyle that prioritized saving for a down payment and closing costs.  Others hadn’t had enough time working (or enough raises) to save while managing school debt and the Bay’s cost of living. Still others hadn’t fully overcome the credit issues from their youthful transgressions.

No matter what, there was little doubt that with the ability to buy a home with monthly payments that would be equal to or less than what they were paying in rent, now was the time to buy a home. At first, the market was slow and sellers (especially bank owners) were willing to give credits to buyers for their closing costs. Also, the law was allowing sellers to provide buyers with a gift for their down payment.  This was all great; buyers were able to buy a home without having had to save for years. 

That changed as competition on homes increased and it became a seller’s market.  Buyers asking for credits were easily beat by cash buyers or buyers who could buy without asking for concessions.  To make it even harder for buyers, the government banned down payment gifts from sellers and reduced the amount of money that sellers could credit to buyers for their closing costs.  Lenders also became much more conservative, requiring evidence of reserves or evidence that the buyer had money over and above the amount required for the down payment and closing costs.  Enter Mom and Dad.

Not everyone will have parents who are willing or able to help them. Even if they are able, some parents have more to give than others while other parents will be reluctant (even they offered the help in the first place) or will require repayment.   No matter how much or little they give or what stipulations come with the offers, many first time buyers would not have been able to buy without their parents help.  It doesn’t have to be Mother’s Day, Father’s Day or a birthday to express appreciation to all of the parents, friends and relatives who have helped us buy when we would not have otherwise been able. 

Comments

[Shawn Jaimes (aluminum windows houston)]

"It doesn’t have to be Mother’s Day, Father’s Day or a birthday to express appreciation to all of the parents, friends and relatives who have helped us buy when we would not have otherwise been able."

LOL, it's always good to really appreciate people who helped us, specially our folks :)

Thanks!

[harshal]

Nice article. We should always be thankful to our paraents for nourishing us right from chilhood till our teenage. Childrens should be thought about savings in the school and also by their parents.

[Credit Repair Services]

Not everyone will have parents who are willing or able to help them, we should be thankful enough to have parents who love us,thanking them for nourishing us from childhood till now.

[Get Your Ex Back]

You have to admit the true value of our parents, they are prepared to give even the last drop of water to us. Very good article.

[Allison]

I'd never put my parents below my friends or boyfriend ... they're the most important thing for every living person...after all, they gave us birth

[Donna]

i'm glad that you can still have that kind of relationship with your folks

[virginia web design]

This is indeed a rare opportunity to have parents that are willing to help in terms of the needs of their children. Having a family can be very fulfilling and this means you have to life out side of your parents custody. But in looking and buying for your homes, this is very stressful. Aside from the cost, this means a month payments that can ruin your budget. Thanks a lot for this positive post. I do appreciate it.

[silagra]

It is really very well written and quit comprehensive in explaining with a very simple language.

[she dumped me]

You can never thank your parents enough. No matter what your situation was, they will always be your mom and dad. Thanks again mom and dad!

[Nba Jerseys]

Nba Jerseys.. Xiedong Chen fell to the ground, a shape. Finally, knocking the ball as hard behind, with their vacant high enough, arm strength and lack of power back stoop, Xiedong Chen realized that they do not have to protect the floor and when the Sale Nfl Jerseys and the earth to A close contact. Han Han laughing. Read a written Mudeng of all this. His joke that he actually believed it. Xiedong Chen got up slowly, his knees broken, but fortunately the red 23 not bad. Made with the ball again, just the same action, different direction The same result, but this Xiedong Chen tried to hold a hand on the floor under relief momentum without Nfl Jerseys For Sale.

[cheap cialis]

Thank You a ton for writing such a wonderful piece of information. Keep sharing such ideas in the future as well. This was actually what I was looking for, and I am glad to came here! Thanks for sharing the such information with us.

[cialis]

Hello, i think that this post is very good, i would like to read more about it

[kamagra]

Thank you for sharing to us.there are many person searching about that now they will find enough resources by your post.I would like to join your blog anyway so please continue sharing with us

[viagra prescription]

Please one more post about that.I wonder how you got so good. This is really a fascinating blog, lots of stuff that I can get into. One thing I just want to say is that your Blog is so perfect

[buy cipro]

I very hardly ever study different blogs on web since most of them are time losing technique. However , I have to say that this post is totally opposite way round.

[Kelly Ciancio]

It's heartwarming to find such fine pieces that express gratitude and love for one's parents. We are blessed to have parents who are faithful to their role even in the end. They gave us shelter where we spent a happy childhood, and later on, they helped us get a good shelter of our own.