You’ve probably heard that it’s a good time to buy a home, and that you should do so NOW, especially with interest rates starting to rise. Before you start getting stressed out about whether or not you should buy a home, here are a few ways to know if you’reready to do so. Everyone’s situation is different. Is it the right time for you to buy?
Questions to ask yourself:
1. Am I ready financially?
-Where are you when it comes to having a down payment? If you don’t have any money saved up at all, you may not be quite ready to buy. But if you have your heart set on buying, and you don’t have a down payment, you can look into some different down payment assistance programs to see if you qualify.
-How much of a monthly mortgage payment can you afford? If your income is a little rocky or it would be difficult to make a mortgage payment each month, maybe you should wait for a little bit. If you still want to buy, just be sure to know what you can afford each month, and only look at homes within your budget.
-Where’s your credit? If your credit score needs some work, taking a few months to fix it is worth the wait. But, there are some options for getting a mortgage with back credit. CLICK HERE to read an article on how to do so.
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2. How does the market look?
-Where are you wanting to move? Once you decide where you want to move, see what the housing market is doing in that area.
-Is there a good amount of inventory? The more inventory, the more likely you are to find a home you love for a good price.
-Do you know if you want to rent or buy? Look at the different options in the city you want to move to and see what’s available and what would be the better option.
-Not sure how to read the market conditions? That’s where we can help! We will let you know what your best options are based on the market!
3. Do I want to deal with competition?
-Spring tends to be real estate’s hot time of year. With more buyers and sellers out, there tends to be more competition. This could be a good thing in that there are more homes to choose from, but it could also be negative in that more buyers tend to drive the home prices up. (CLICK HERE for some tips on being a buyer in a seller’s market.)
-Decide which you want to deal with. What’s worth it for you?
So, what did you decide? Is now a good time to buy a home? If so, let us help you find your dream home!