Real Stories

Homeowner Realizes Dream at 57 Years Old

After years of renting, Cherry realized her dream of homeownership after turning 57 years old, taking advantage of buyer incentives and affordability that made it possible to buy the type of place she had always envisioned herself owning.

Cherry had been living in a rental house for a while, frustrated with a landlord that didn’t take care of needed repairs. She then heard about the $8,000 first-time home buyer tax credit and the affordability of the real estate market, and realized that it was an optimal time to make a move. By the beginning of July, she signed on with a REALTOR®, Angela, and began to seriously look for a house near her Atlantic City rental.

“I liked the photo in a listing that Angela sent me and got a good feeling about it,” Cherry said. “It had everything I wanted – it was in Atlantic City, a two-minute walk from work, needed no renovations, and within my price range. I knew it was a good home because Angela let me know that there was a lot of interest in the home from other people.”

She was also drawn to the house because it was in a safe neighborhood. It also was a corner home so it gathered more sunlight, and it had big closets.

“The house was very well-maintained and seemed new,” Cherry said. “The only thing I may change is replacing the carpets with hardwood floors. I might also use the home buyer tax credit to buy window treatments and update the lighting.”

Cherry put in an offer that week and went into contract right away. She waited a few weeks for her mortgage company to give her an approval, and she closed by the end of August.

“I was anxious because I didn’t think getting approved would take me very long,” she said. “But I did online research, talked to Angela and other friends, and realized that mortgage approvals now usually take longer than they used to.”

She decided to look at her home as an investment as well as a place to live, and learned that the wait would be worth it once she could move in.

“I was also looking forward to the tax deduction I would get for the first time because I would be a homeowner,” said Cherry.

After moving, Cherry discovered that owning a home offered her a sense of pride and worth because she could claim ownership of the place where she lived.

“I get excited coming home for lunch every day because I enjoy every part of the house,” she said. “I can take pride in the way it looks and feels because I’m responsible for it.”