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Buying a Home? What About Greece? The Election?

Our founder, Steve Harney, occasionally asks to do a personal post on what he sees as important to our industry. Today is one of those days. Enjoy! – The KCM Crew

Kevin Miller of KCM

As I travel across the country speaking with thousands of agents a month, I am always amazed at the first two questions I am usually asked:

What impact will the European economic crisis have on real estate here in the U.S.?

Shouldn’t people wait until after the election to find out who will be the President before buying a home?

Today, I want to tell a story about Kevin Miller who works here at Keeping Current Matters and just signed contracts on the home he and Crystal, his wife, are purchasing. Kevin got married about a year ago and recently found out that he is about to become a father. He’s a great guy who truly loves his bride and wants the best for her and their family. It is for that reason that Kevin and his wife started to look
for a home of their own.

What About Greece?

Kevin and I have discussed the purchase at times and the interesting thing is the European situation never came up – not even once! It isn’t that Kevin is naive to the situation. He probably understands it better than most as he has a degree in International Business and Economics. But, he isn’t buying a house in Greece or Spain. He is buying a home in Babylon, New York – in a wonderful neighborhood with a nice backyard that his future children will play in. Does the world economy impact his purchase? Yes it does. It is one of the major reasons he is getting a 30-year mortgage rate under 4%.

What About the Election?

Again, it never came up. We did talk about the fact that he is buying the home for a fraction of what it would have sold for just a few years ago. We did discuss the great school district. We did talk about how convenient the neighborhood is to the things he and Crystal love. Did we talk about the election? No.

Not that the election won’t have an impact. It was just announced that Congress will postpone its decision on the government’s role in mortgage financing until next Spring (aka until after the election). The new rules, which are anticipated to be more stringent than the current rules, won’t be enacted until after Kevin, Crystal and their child are comfortably living in their dream home financed by a 30-year mortgage at an historically low interest rate. Meanwhile, no one knows what the new mortgage requirements will even be next year.

Is the situation in Europe important? Of course. Is this election one of the most important in our nation’s history? Many believe so. Did either of these situations enter Kevin’s mind while he was deciding to buy a home? No.

He was too busy caring about his wife, his new child and his family’s happiness.

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4 replies
  1. Peter Coles ( UK )
    Peter Coles ( UK ) says:

    If you look for them you”ll always be able to find a “reason not to buy” – Im sure if you wanted to find them there were “good reasons not to buy” to be found every year for the past 50 but as Steve eludes you simply can’t put your life on “pause” – Time waits for nothing and anyway if you disregard the short term fluctuations one of the few certainties in our World is that in the longer term property values have always risen.   

    • Kevin Miller
      Kevin Miller says:

      Financial implications only played a part in our decision. We know we are getting a great deal, but our growing family and lifelong dream of home ownership is what truly drove us to buy. The historically low cost allows us to live in a neighborhood and community we thought was unreachable only a few years ago. The current opportunity was one that could not be missed.

      • Peter Coles ( UK )
        Peter Coles ( UK ) says:

        Good luck to you – your family are blessed that you give their/your dreams priority.
         It is a shame for others and our industry that you are in the minority.   


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