Categories: Rev. Dr. Charles Butler,
There is no use whining or complaining about the housing situation in Harlem. Yes, home values are high, and they will remain high. New York City is one of the highest housing markets in the country. As a result, we will continue to experience the financial impact of a sellers’ market. The problem is simple; there are more prospective home buyers seeking to purchase property than available homes on the market.
This is a simple rule of economics – supply and demand. The demand is far greater than the supply which continues to drive up the prices. To compound this challenge, the interest rates remain although stable higher than expected which adds to the high cost of homeownership. But you cannot allow the situation to dictate your quest for homeownership. You must start now. You cannot hesitate any longer.
Here are some tips to help you get started. (1) Start the home buying process now. The longer you procrastinate, the more time you will lose. The sooner you start the process, the faster you will be able to complete it. Attend the home buying education workshop to learn the steps in the process and to build some momentum towards purchasing a home. The home buying process is very complicated. You will need to develop a strategy to navigate through the financial pitfalls by learning how to assemble a team of professionals to assist you through the process. You will also be around like-minded individuals with the same goal and can support each other.
(2) Create a monthly household budget. You must have the discipline to stick to your budget. You must now start to aggressively save as much money as possible for the purchase of your home. Your budget will help you to identify areas of wasteful spending that are potential financial blind spots. By becoming aware of these “financial blind spots” you can adjust your spending habits to increase your savings.
(3) Calculate a realistic projected purchase date. To make your homeownership dream a reality will take some real hard work. You must maintain your focus with the single-minded purpose of achieving this goal. Keep your projected purchase date in sight. You cannot hit anything if you do not have a target. Create a realistic timeline to move through the process. Post reminders on your mirror, on the refrigerator, on your desk at work to help you maintain focus.
Celebrate every milestone you achieve, either reaching a savings goal or paying off a credit debt. Each step will bring you closer to your goal of homeownership. Remember, buying a home is not an overnight process. Take one step at a time. Remain positive. Keep the faith and you will achieve your dream of becoming a homeowner.
If you are interested in attending the workshop or have questions regarding the home buying process, contact Rev. Dr. Charles Butler at (212) 281 4887 ext. 231 or email at cbutler@hcci.org.
