06/29/2024
If you know me well, you know I am an open book. So, here is the story of our first home and the unexpected blessing it was for us.
We bought our first home in 2018. Preston was fresh out of college, I was finishing my last year, and we were recently engaged. I was not a real estate agent at the time, but my mom was. We were approaching the end of our lease when my mom called me about a home I knew very well. It was one of my best friend's homes growing up and had been bought and brought back to life by some of her clients. She talked to them about selling it to us off market. We were not even thinking about buying a house and had no money to compete in that market. We went and looked and the home and loved it! But how on earth were we going to buy it when we had no money? We got connected with a lender who approved us for a down payment assistance program and the sellers generously covered our closing costs.
We watched the housing market grow over the next few years and realized how much equity we had. We barely knew what equity meant and honestly just bought a house because it landed in our laps. We had NO idea we were making an investment decision.
By this time we were new parents, COVID was at it's head, and I wanted to be home with my son. However, we could not afford for me to quit my job. So we started running numbers and realized we had enough equity to completely eliminate our debt. We decided to list our house and use the proceeds to become debt free. We moved into an apartment for a year before buying another home. We felt so free and liberated thanks to the opportunities homeownership brought us.
I share this story for a few reasons. The first reason and that people often believe purchasing a home requires a ton of money. Although it puts you in a better position to put more down, it is not necessary. With good credit and financial history, you may be able to buy a house with little to no money down.
Additionally, if you already own but are struggling financially, you may have opportunities to find relief. Depending on the home you own, if you have owned your home for 5+ years, you likely have over $100,000 in equity.
I know finances are hard to talk about, but there is nothing to be ashamed of. Please reach out if you have any questions or are wondering if this is possible for you too. I have no place to judge anyone! I come with love and support.
Hailee Harrelson
RE/MAX Revolution
816-729-5732