I live in Puxico, MO and want to move out to Louisville in a few years? Any advice for first time buyers?

Asked by Ryan Winingnear, Puxico, MO Wed Jun 27, 2012

I am a college student attending classes in Poplar Bluff, MO. I currently live at home with my parents. My girlfriend and I have been discussing where we would like to move and this town tops our list. What I (or actually the both of us) need is advice for the process of buying a home for first time buyers, especially if I don't have a real good credit built up. Also, should we come up before hand and shop around before moving? Or should we come up and rent before buying?

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Suz A’s answer
Suz A, Agent, Longmont, CO
Wed Jun 27, 2012
Hello again Ryan!
So, you're going to pursue your dream of living in Louisville. That's wonderful! Louisville is an excellent choice because its downtown is coming alive. There are many excellent homes in the area. The east side has some reasonably priced homes and the city planning seems to be aimed at accommodating an active lifestyle with a good walkable rating preferred by younger adults. Your timing may be good for locating a rental, though the vacancy rate is very, very thin. More multi-family housing is working its way through the city of Louisville planning department but the market could remain tight after those units are built.

Two points on renting:
1) There is that scarcity
2) Renting is a good idea before you begin shopping for a home if you are fresh from school. If you haven't worked you won't have much credit history for a lender to peruse. And, if you need time to work on improving your credit score that's an additional reason for renting first.

There is some good information in the articles I have linked below. You do want work on your credit score, especially if you think it can be improved a lot.

Congrats on your decision. Call if I can be of further assistance.

Best,
Suz
720-810-0683

http://credit.about.com/od/creditrepair/tp/improvecredit.htm

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm

http://finance.yahoo.com/news/7-weird-ways-hurt-credit-14355…

http://activerain.com/blogsview/2430013/3-things-every-home-…
0 votes
Suz A, Agent, Longmont, CO
Fri May 31, 2013
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So, how are your plans going, Ryan? Ready for that move? The job competition here has one of the highest education levels per capita. Education is not always a ticket to success, but it certainly has its rewards here.

Best regards,
Suz
0 votes
Lake Bishop, Agent, Denver, CO
Mon Jan 7, 2013
The first thing I would do is contact a lender. Even if you are not thinking of moving in the next little while you can get an idea of where your credit is and what you need to do to get approved for a loan. The problem with looking at moving in a couple of years is you do not know what the prices are going to be. Right now the prices are rising and I am not sure when they will stop.
0 votes
Malia Maunak…, , Louisville, CO
Thu Dec 13, 2012
Hi Ryan,

As the other agents have mentioned, if you can swing renting for a bit to really get to know the area, you'll be able to position yourself well when you find the home of your dreams. That being said, yes, rates are low, and Louisville is really great so you can't go wrong if you work with an agent who knows the area, and knows what your interests are. Talking to a lender to figure out where you stand is crucial. Be sure the lender is local (at least in Colorado, if not in Boulder County), so they understand all of the rules and regulations, and the timing of everything in this area. If you need some recommendations, shoot me an e-mail.

If you do come visit, let me know. I'm in the RE/MAX Alliance of Louisville office, right on S. Boulder Rd. in Louisville. I live (and work) in Louisville, and would love to give you a tour.

Best of luck to you and your girlfriend, and happy holidays!
Malia

Malia Maunakea
RE/MAX Alliance of Louisville
225 S. Boulder Rd.
Louisville, CO 80027

cell: (720) 254-3590

Malia.Maunakea@gmail.com

http://www.MaliasHomes.com
0 votes
John Asmussen, Agent, Boulder, CO
Thu Nov 1, 2012
Hi Ryan,

I'm obviously biased but with interest rates at all time lows this is a fantastic time to buy...I know, I know agents always say that, but it really is true.

We have worked with many, many relocating Buyers over the years and many will pre-determine where they want to live before ever having set foot there. The internet is an unbelievable resource but certain things need to be seen prior to making such a big decision. Louisville is a fantastic place to live but there are many many areas near Louisville that are equally good depending on your situation.

Build up some credit, talk with family members that may be able to help and get with a good experienced agent and lender that has lived and worked in the area and can help guide you make an informed decision.

John

John Asmussen
Broker, GRI, CRS, MRE, CNE, CDPE
5 Star Realtor Award Winner
5280 Magazine 2011, 2012
Asmussen & Associates Metro Brokers
1790 30th Street Suite 130
Boulder, CO 80301

Direct: 303-604-2224 Fax: 720-306-3156 Toll Free: 888-647-2224

Email: John@JohnAsmussen.com

http://www.AsmussenAndAssociates.com
0 votes
Ron Rovtar, Agent, Boulder, CO
Mon Aug 13, 2012
Hi Ryan:

Sounds like you are giving a lot of thought to your future, which is a very good thing. As others have mentioned, getting your credit score in shape is a great first step. You also might expend some effort accumulating a down payment, figuring out what kind of loan will work best for you and deciding roughly how much you and your girlfriend will be able to pay each month once you are ready to buy. A good local mortgage broker can help you with all of these questions.

Concerning your question about traveling to the area and shopping around or moving to Louisville and renting before buying, I would suggest you consider both. Visiting Louisville a few times before you move will help you get a handle on whether it or some nearby community is best for you. But you cannot delve very deep during short trips, so renting for a while may offer the opportunity to really get a feel for various areas and help you and your girlfriend make the best possible decision.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
303.981.1617
info@rovtar.com
http://www.rovtar.com
0 votes
Bob Gordon, Agent, Boulder, CO
Mon Aug 13, 2012
Ryan - welcome to town; Louisville is a great place to call home. Suggest you meet with a Mortgage Lender now and describe your dream of home ownership. Have your credit score pulled and share your income/grades. A good lender should be able to help you set reasonable financial goals to achieve your long term vision.
0 votes
Kristin White, Agent, Longmont, CO
Mon Aug 13, 2012
Hi Ryan -
Being a Boulder/Louisville native and attempting to live in other areas of the country I couldn't agree more with your choice in Louisville. It is nice to see that you are doing your homework. How you spend your money and utilize credit will definitely impact the timing of reaching your goal of home ownership. The links provided by BoulderSuz are great.

I would also recommend speaking with and (opening an account) with a credit union. You can sit down with a counselor discuss your future plan and get some sound advice on how to build up that credit score quickly and what you need to do. Credit Unions are also typically more kind in the dept of "taking a chance" on you when it comes to loans. Typically it costs about $25 to open an account and then you can apply for a credit card through them.

Another thought - If it were possible for you to at some point before the 3 yrs are up to move into a rental (that has a property management company) the rent paid would be showing up on your credit history and can be used in the loan application process for a mortgage.

Colorado in my completely humble, unbiased opinion, ROCKS! I love the ocean but you can't beat the weather, outdoor activities, opportunities, and terrific people here. Hope this helps in some way! If you're interested in studying/watching the Louisville market area I can hook you up with an up to date feed of the local market without being bombarded with phone calls and solicitations. just give me a shout. Best of Luck my friend.... Kristin
0 votes
Suz A, Agent, Longmont, CO
Sat Jun 30, 2012
A step at a time, Ryan. Never too early to start building that credit score. Best of luck.
Suz
0 votes
Ryan Winingn…, , Puxico, MO
Thu Jun 28, 2012
I do have a job Im working at part time and have a pretty new credit history. Being new it is still not considered good or great but i am slowly building it with a credit card and my own cell phone. As far as when we plan to move it would be a few years maybe four or five at my best guess. Thanks for the links and I look forward to finding out all that I can
0 votes
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