CLIENT LOG IN

Margo Borkin

Persistent Perserverance, Consistent Results

248-419-3160
Cell: 248-318-4776
Fax: 248-419-0930
margo@movewithmargo.com
  • Menu
  • Home
  • About
    • About Margo Borkin
    • Client Reviews
    • Margo Vs The Market
    • Professional Resume
  • Communities
    • Berkley
    • Beverly Hills
    • Bingham Farms
    • Birmingham
    • Bloomfield Hills
    • Bloomfield Township
    • Commerce Township
    • Farmigton
    • Farmington Hills
    • Ferndale
    • Franklin
    • Huntington Woods
    • Keego Harbor
    • Novi
    • Oak Park
    • Orchard Lake
    • Royal Oak
    • Southfield
    • Sylvan Lake
    • Walled Lake
    • Waterford
    • West Bloomfield
    • White Lake
    • Wixom
    • Wolverine Lake
  • Property Search
    • Address Search
    • Basic Search
    • Advanced Search
    • Map Search
  • Home Buyers
  • Home Sellers
  • Blog
  • Contact

Boomerang Buyers: Don’t Be Afraid to Buy a Home Again!

Boomerang Buyers: Don’t Be Afraid to Buy a Home Again! | Simplifying The Market

According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.”

According to the 2019 Home Buyer Report from NerdWallet,

“Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.”

This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop riding it because you fell on the ground and scraped your knees? Or did you get back on and try again until you were able to ride without falling?

Purchasing a home is not as simple as learning to ride a bike, but the concept is the same! There are many things necessary to learn that affect the ability to get the financing needed to purchase a home. Past occurrences can determine if there is a waiting period. In other words, you need to let your knees heal before you try again!

As we’ve mentioned in the past, homeownership has many financial and non-financial benefits. Each person needs to go over the pros and cons, taking the time to figure out what is best for their family. Should they continue renting, or should they try to buy again?

The good news is that some “boomerang buyers” are getting back into the market. They’re getting back on their bike!

“Of 2.8 million former homeowners whose foreclosures, short sales or bankruptcies dropped off their credit reports from January 2016 to November 2018, 11.5% have obtained a new mortgage, according to a study by credit rating agency Experian for USA Today.”

NerdWallet’s report also mentioned:

  • 6% plan to buy a house this year.
  • 39% intend to buy over the next 3 years.
  • 58% say they will purchase within 5 years.

Bottom Line

If you lost a home due to a financial event but would like to review your options, let’s get together to help you create a plan to obtain a home in the future!


Source: KMC

Posted in: First Time Home Buyers, For Buyers, For Sellers, Foreclosures, Housing Market Updates, Move-Up Buyers Tagged: Real Estate

© Margo Borkin Real Estate 2010

Post navigation

« Are Older Generations Really Not Selling Their Homes?
4 Most Popular Bottom Line Investments in America »

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
... See MoreSee Less

Message Page

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour! ... See MoreSee Less

Message Page

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 9
  • Shares: 1
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
3 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 1
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
4 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
4 months ago
Margo Borkin Real Estate

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
... See MoreSee Less

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didnt think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while youre at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Load more

Blog by Category

  • Baby Boomers (25)
  • Buying Myths (108)
  • Demographics (38)
  • Distressed Properties (15)
  • Down Payments (58)
  • First Time Home Buyers (574)
  • For Agents (1)
  • For Buyers (838)
  • For Sellers (672)
  • Foreclosures (17)
  • FSBOs (30)
  • Gen Z (6)
  • Generation X (16)
  • Holidays (3)
  • Home Decor (1)
  • Home Maintenance (2)
  • Housing Market Updates (448)
  • Infographics (183)
  • Interest Rates (145)
  • Investment (1)
  • Local Market Updates (3)
  • Luxury Market (13)
  • Millennials (75)
  • Move-Up Buyers (629)
  • New Construction (30)
  • Pricing (207)
  • Rent vs. Buy (96)
  • Selling Myths (50)
  • Senior Market (15)
  • Short Sales (1)
  • Time-sensitive (6)
  • Uncategorized (14)
  • Weekend Wanderings (1)

Recent Posts

  • Ready to Buy in 2022?
  • What you can expect from me as a buyer
  • Is your home ready to sell? Answer these quick questions to find out!
  • What do I offer for free? Glad you asked!
  • Preparing Your Home for Winter