Go Back
Keller Williams Boise

Things to ponder during

Financial Struggles

Request Information

Is your home dragging you down?

For many, a home and/or mortgage obligation can represent an enormous financial struggle, emotional burden, and time consuming – but it can also represent a tremendous store of potential value. And we’ll discuss these two popular positions here.

Financial Stress

Mortgage is just too big

A home represents the single largest investment most people make in their lifetime. It isn’t uncommon for most Americans to assume a higher mortgage than they can comfortably afford. They often pin their hopes on inflation, employment stability, future income growth, and the payoff of other debts (like student loans) which would make a house payment more bearable as time goes on.

Even if the plan goes generally as planned many mortgage payments still find themselves adding tremendous financial pressure with each passing year. A tough mortgage payment will strain bank accounts, credit, time with family, and even a marriage. So, it’s not hard to imagine what happens when things don’t go according to plan. And here is where acting quickly may benefit you.

First, you need to remember that homes are sometimes slow-moving investments. Both in appreciation and in liquidation – homes are not like stocks that you can sell in the morning and have the funds in your bank account in the next 1 to 3 days. So if you sense trouble on the horizon, talking with a REALTOR® to understand the timeline involved may be key in mitigating any serious financial stress and concern.

My background as COO of Consumer Credit Counseling provides my clients with even more insight into potential solutions.

Rule of Thumb

Many financial planners suggest that your house payment ought not exceed 25% of your household income. Yet, most lenders recommend that your house payment ought not exceed 36% of your household income – and the average household finds itself near or above this limit with many in higher-end homes teetering close to 45%.

Equity and Other DebtEquity and Other Debt

There’s a great chance your home has built up equity through the years. For some, it’s tempting to use these funds to pay off high-interest debt, roll the funds over into less expensive home, or live out a dream like going back to school or traveling the world. When you find yourself in a position of not having to sell out of pressure or necessity, it’s sometimes easy to procrastinate on the discussion – but since you’re here, you might be closer than ever in exploring this opportunity. Here again is where speaking directly with a local REALTOR® may provide you with information on what your home is actually worth, an estimated timeline, and answer any of your questions that may help you understand the road ahead.

Legacy Real Estate Co.

Legacy Real Estate Co.

208.917.8339

LREC@idaholegacy.com

www.IdahoLegacy.com

Request Information

Service Area

Boise, Idaho – As the fastest growing metropolitan area in the country, the Treasure Valley is simply exploding in growth.  While much of this growth has primarily affected Boise, Meridian, and Nampa, the growth finds itself even spilling into communities such as Middleton, Kuna, and Caldwell. Bottom line, now is an amazing time to consider listing your home – especially true if you’re looking to move a little further from the dominant growth communities.

Legacy Real Estate Co. with Keller Williams Realty Boise

Request Additional Information

Step 1 of 3

33%

Your Local Real Estate Expert

Legacy Real Estate Co.

Legacy Real Estate Co.

Legacy Real Estate Co.

208.917.8339

LREC@idaholegacy.com

www.IdahoLegacy.com

At the heart of our business is the impact of Idaho real estate over lifetimes. From seller to buyer, to the families that live inside these homes, Legacy Real Estate Co. is in the business of sharing your story, sharing your legacy. Founded on the principles of Family, Community, and Humanity, Legacy Real Estate Co. is committed to helping current and future clients design the life they want to live – in the community they want to enrich – one dream home at a time. Committed to the impact and desire to give back, Legacy Real Estate Co. also contributes their time and resources to greater humanitarian efforts.

Whether starting a legacy with First-Time Home Buyers or working alongside Sellers in continuing their legacy, Owner & Realtor® Jenn Weiss brings years of experience from over 100 home transactions. She is passionate and committed to providing an avenue for professional agents to thrive at their very best while creating their own legacy. In unity and as your trusted real estate resource, Legacy Real Estate Co. dedicates to serve all clients in the very best way possible. We’re ready to serve YOU and the Boise metropolitan area!