“Matchmaker, Matchmaker,
Make me a match,
Find me a find,
catch me a catch.
Matchmaker, Matchmaker
Look through your book,
And make me a perfect match!”

— Fiddler on the Roof

In today’s real estate market, I frequently feel like the Matchmaker from Fiddler on the Roof.  Gone for now are the days when Sellers entertained a line of wooing Buyers, and selected the courtier they liked best.  Gone, too, are the glory days when banks and mortgage lenders smiled as kindly as over-indulgent parents upon yearning Buyers, and bestowed on them more credit than they could afford!

Rather, the current state of affairs calls upon Realtors(R)  to play the role of Matchmaker, matching desperate Sellers with spendthrift Buyers, and negotiating a delicate balance to make the match perfect.  As Realtors (R), we rely upon lenders to play the daunting role of Wedding Planner preparing the Buyer for the Big Event, often taking a year or more to repair credit history, and help educate the Buyer about the process.

Today’s first-time home Buyer has come of age in the “no credit? bad credit? no problem!” media campaigns, and now wants to buy a home with no money for a down payment,  a credit score of 579, and crushing credit card debt.  After all, isn’t that what the $8000 tax credit is for?

LET’S GET SERIOUS!

Buying a home is SERIOUS business, and is most often the single largest investment an individual or family will make.  Here are some points to consider if you’re looking to purchase a home in the Tri-county area:

• While there are some great opportunities to purchase a home at below market value, the majority of homes in the Charleston market will sell for about 95% to 97% of the listing or asking price, so don’t EXPECT a Seller to accept a ridiculously low offer.
• There are some programs still available to provide down payment assistance for home-buyers, and Sellers will typically pay a substantial portion of the closing costs, but Buyers will still need to have some funds for loan application fees, home inspections, utility connections, termite bond transfers, etc.  Don’t expect to be able to purchase a home with NO out-of-pocket costs.
• Take a “snapshot” of your current financial position - your assets, your debts, your income and expenditures.  Honestly assess how much you can afford to pay for a monthly house payment.  REMEMBER to allow some funds to be set aside for those inevitable repairs that are part of being a homeowner!

When you have a REALISTIC picture of your financial situation, and the housing market, then you can decide if now is the right time for you to purchase a home.