Families Buying Homes Together

Buy A Home With Your Parents

I’ve written extensively about Equity Sharing, which is a fancy phrase for sharing both the risks and benefits of buying a home. You can find a primer for Equity Sharing at my blog and site Buy Half A House.

Is the $8000 Buyers Tax Credit the Answer?

During the past year I have found that my real estate practice has begun to revolve more and more around first time homebuyers, and the $8000 First Time Buyers Tax Credit seems to have helped at least get buyers thinking about buying.

Buying a home in San Diego is a challenge

But the real world has a way of taking over even in the midst of much ballyhoo, and here in the San Diego market first time homebuyers are being squeezed out of the opportunity to buy because investors and conventional loan buyers are cleaning their clocks. On homes that are priced really, really well, and with interest rates as low as ever, all the offers being placed on homes at the lower price range are creating a seller’s market if you will. Often there will be 20 or more offers on a home, with the home eventually being sold to the “highest and best offer”, usually much higher than the original asking price.

Equity Sharing is the solution to buying a home in San Diego

Why not, then, take advantage of buying a home with a family member? Remember that by doing so I presume the parents will contribute up to 20% of the price for a downpayment, and the kids will agree to pay the mortgage and taxes. Just by taking this simple approach it will be much, much easier (in the San Diego market) to buy a home, even with the investor competitors out there.

Contact me - I can Help

If you’re having difficulty buying, then Contact me today. I can help answer questions, and help with sorting out how to take advantage of this very difficult market, with very many opportunities.

For more information specific to Washington State residents please visit Washington State First Time Home Buyers Advance.

Residents of Washington State may be able to use the $8,000 for the initial down payment with State assistance. Details are still fuzzy. In other states that have set up down payment assistance programs you may be able to use the $8,000 for your down payment. Check with your local Realtor.

Bah.

Theresa Lussier
Real estate agent, e-PRO
EXIT Realty Central
Direct: 937-478-7781
Fax : 937-535-1661
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Appreciate the help,
-Colleen