PAOLI, Pa. (CBS) - It’s an exciting time, but it can also be very daunting: buying your first home — especially in an economic climate where restrictions on loans are tighter and job security is not always a certainty.
Stephanie Pincus (right) is in the market now to buy a home for the first time.
Three years out of college, in her mid-twenties and feeling secure about her job in the financial industry in the Philadelphia suburbs, Stephanie is sure this is the right time to buy because the housing market is still trying to recover and she doesn’t have to worry about selling a house.
“I like renting,” she says. “I have a nice little townhouse, but three years into my job I feel pretty comfortable where I’m at — I’m going to be there a while — and I’m kind of tired of paying rent. I’d rather put money to better use at this point.”
That better use is building up equity in her own home.
She’s heard all the stories about tougher credit restrictions and decided to get pre-approved so she’d know what her limitations are.
“It’s about finding the right place with the right budget,” she says. “I’m worried that maybe I’ll have to sacrifice some things just to fit within my budget, so that’s definitely of concern.”
But overall, she says, the experience so far has been a good one.
“I can’t say that too many people my age have the ability to go ahead and make such a financial decision, so the thought of being one of the few is definitely exciting.”
Reported by Brad Segall, KYW Newsradio 1060
Listen to the KYW Regional Affairs Council series, “Buying Your First Home”…
● Part 1: The Excitement of a First-Time Home Purchase, by KYW’s Brad Segall:
● Part 2: Understanding Your Credit Rating, by KYW’s Brad Segall:
● Part 3: Can You Afford Your Own Home?, by KYW’s Michelle Durham:
● Part 4: The Changing Real Estate Market, by KYW’s Michelle Durham: