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Temeka Thompson - DC Metro Realtor, Coach, Public Speaker
Temeka
Blog
Real Estate
    Sell my home
    Buy a home
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Work with Temeka
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  • Temeka
  • Blog
  • Real Estate
    • Sell my home
    • Buy a home
    • Veterans
  • Work with Temeka
    • Business Coaching
    • Career Coaching
    • Buy Real Estate with Temeka
    • Become an Agent
  • Booking
  • Marriage Takeover
  • Women of Worth
  • Free Resources
Real Estate

Make the Dream of Homeownership a Reality in 2020

January 31, 2020by Temeka ThompsonNo Comments

Make the Dream of Homeownership a Reality in 2020

Make the Dream of Homeownership a Reality in 2020 | MyKCM

In 1963, Martin Luther King, Jr. led and inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where our families can grow and flourish.

If you’re dreaming of buying a home this year, the best way to start the process is to connect with a Real Estate professional to understand what goes into buying a home. Once you have that covered, then you can answer the questions below to make the best decision for you and your family.

1. How Can I Better Understand the Process, and How Much Can I Afford?

The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, before you start the process to purchase a home, you’ll also need to apply for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. Most agents have loan officers they trust that they can refer you to.

According to ConsumerReports.org,

“Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

2. How Much Do I Need for a Down Payment?

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down up front.

If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says,

“Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.

3. Saving Takes Time: Practice Living on a Budget

As tempting as it is to settle in each morning with a fancy cup of coffee from your favorite local shop, putting that daily spend toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score. A survey of Millennial spending shows,

“70 percent of would-be first-time homebuyers will cut spending on spa days, shopping and going to the movies in exchange for purchasing a home within the next year.”

While you don’t need to cut all of the fun out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.

Bottom Line

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. Let’s get together today to discuss the best steps you can take to start the process.

Temeka Thompson

Charles County MD Real Estate, PG County MD Real Estate, DC Real Estate – Temeka Thompson, REALTOR® – EXIT Landmark Realty and its Real Estate Professionals focus in the DC metro area. We list and sell in White Plains, La Plata, Waldorf, Brandywine, Fort Washington, Upper Marlboro, Bowie, Washington DC and all nearby communities.

 (301) 850-6700 x430

Coaching

Because of 4AM by Brett Hagler (CEO, Co-Founder at New Story (Hiring!)

January 30, 2020by Temeka ThompsonNo Comments

Because of 4AM

Kobe Bryant recently shared an all-time great mindset, manifested into a subtle quote that not many people noticed. It’s been three weeks and I can’t get it out of my head, so I wanted to share. You can take it literally or (mostly) metaphorically – both work and can be applied to the dream you’re chasing.

The quote came from Kobe when he was on stage accepting the ‘Icon Award’ at the ESPYS. He was addressing fellow athletes:

“We’re not on this stage just because of talent or ability,” Bryant said.

“We’re up here because of 4 a.m. We’re up here because of two-a-days or five-a-days.

We’re up here because we had a dream and let nothing stand in our way. If anything tried to bring us down, we used it to make us stronger.”

There are thousands of athletes that had similar or even better talent than Kobe. Just like there are thousands of executives, leaders, sales managers, artists, musicians, writers, etc. that have the same and more talent than you and me.

But at the end of the day, it doesn’t come down to who has the most talent or intelligence. It comes down to who is willing to make the choices that others are not willing to make.

Who is willing to shoot baskets in the dark when everyone else is sleeping? Who is willing to prepare more for an interview? Who is willing to practice their speech 10X more than anyone else? All are choices we make.

The Dream

If the dream is small, there’s no point to do things that others won’t if your end goal is not something “extra-ordinary.” There’s just no reason for the “4AMs.” Which is totally cool and fine!

But if the dream is big… the game changes.

The 4AMs and two-a-days become intentional choices. The hard things over the easy, uncomfortable things become routine. The discipline to put off instant gratification is the standard process. People will say “you’re obsessed, you’re not normal!” and they’re right because its not a normal journey. A big dream is something extraordinary: very different from what is normal or customary.

And over time, as I’m beginning to realize more and more, the choice to take this journey is ultimately the reward.

What’s your 4AM?

This quote is not saying everyone should get up at 4AM or do five-a-days. It’s metaphoric. The idea is that if you have a big dream, then you have to fall in love with doing things that others won’t to accomplish what others can’t. 

Two great resources on this topic: Extreme Ownership by Jocko Willink and Grit by Angela Duckworth. 

This original article can be found by the author: https://www.linkedin.com/pulse/because-4am-brett-hagler/
Real Estate

3 Benefits to Buying Your Dream Home This Year

January 10, 2020by Temeka ThompsonNo Comments

3 Benefits to Buying Your Dream Home This Year

3 Benefits to Buying Your Dream Home This Year | MyKCM

Outside of a strong economy, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting.

1. Buying a Home is a Great Investment

Several reports indicate that real estate is a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps build equity, a form of investing for you and your family. According to CoreLogic’s Equity Report,

“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”

This means the average homeowner gained approximately $5,300 in equity over the past year. If you want to start building your equity, put your housing costs to work for you through homeownership this year.

2. Mortgage Interest Rates Are Low

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018 when they hit 4.94%. In their latest forecast, Freddie Mac expects rates to remain low, leveling out to a yearly average of 3.8% in 2020.

When you purchase a home at a low mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to buy more house for your money.

3. Investing in Your Family is a Win

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you’re paying a mortgage – either yours or that of your landlord.

Today, rental prices continue to increase, and when you’re paying your landlord’s mortgage instead of your own, you’re not the one earning the equity. As an owner, your mortgage payment is a form of ‘forced savings’ you can use later in life to reinvest in your family. You can use it for a variety of opportunities, such as saving for your children’s education, moving up to a bigger home, or starting your own business. As a renter, it can be more challenging to achieve those types of dreams without home equity working for you.

Bottom Line

Buying a home sooner rather than later could lead to substantial savings and long-term financial growth for you and your family. Let’s get together to determine if homeownership is the right choice for you this year.

Temeka Thompson

Charles County MD Real Estate, PG County MD Real Estate, DC Real Estate – Temeka Thompson, REALTOR® – EXIT Landmark Realty and its Real Estate Professionals focus in the DC metro area. We list and sell in White Plains, La Plata, Waldorf, Brandywine, Fort Washington, Upper Marlboro, Bowie, Washington DC and all nearby communities.

(202) 670-6787 or (301) 850-6700 x430

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Thank you Coach @nicolescooper for sharing this!!! Thank you Coach @nicolescooper for sharing this!!!

This is such confirmation. In this season, there’s going to be a steady flow……. Flow of favor, flow of resources, flow of divine connections, flow of peace, flow of joy, flow of opportunities, a steady flow……
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Hi, I'm Temeka. I'm a Mom, Wife, Realtor, and Coach living in the DC Metro area. Here I'll share all things real estate, coaching, marriage tips, and trends. Let's stay connected!

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