How Do I Know When Its The Right Time To Buy A Home

How Do I Know When Its The Right Time To Buy A Home

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We will say for instance you have made up your mind to make one of the biggest financial decisions of your life. You are ready to purchase a home. You are sitting on edge because half of you still feels like its too soon, there are a million questions you have unanswered, and you really don’t know when you should bit the bullet and purchase a home. I totally understand how you feel. I want to take a moment and answer one of your questions to help you decide when is the right time to buy.

When you think about timing when it comes to a home purchase, there are a few factors to consider. You simply can’t rely on affordability. To get the best deal and terms, you want to make sure you do your research or hire a trusted advisor to guide you along the way. The factors you want to consider are local inventory conditions, market lending terms, and lastly, your current situation. Let me break down each of these.

Local Inventory Conditions — I’m sure you’ve heard the term buyers market, sellers market. When you hear someone say Sellers Market, it simply means that there are more buyers than sellers. In this type of situation, most buyers are competing for properties. In this type of situation, you may find that you will really need to work hard for a home, if you really want it. Buyers market means that there are more sellers than buyers. There is a large amount of properties available so sellers sometimes have to come down on sales price and terms to really attract buyers to choose their home over others.

Market Lending Terms — Anytime you read a newspaper or watch the news, you will most likely hear about Interest Rates. Interest rates go up and down very often. They are governed by our economy. Historically, interest rates have been a lot higher than they are now, but on the other hand they have also been lower than they are now. Sometimes waiting to see if interest rates drop can actually hurt you. I always encourage buyers to take action if interest rates are low, you will wish you did when you realize that they are higher. Stay educated on the market and what advisors are recommending when it comes to interest rate. Also regarding lending terms are the types of loans and qualifications needed. This is something else that changes periodically. To put it easy, you may qualify for an FHA loan today but not tomorrow.

Your Current Situation — When I refer to your current situation, I am mostly referring to your current living situation. If you are living with parents or in a month to month lease, you are in the best position. Essentially, you can get up and go as you please. If you are in a lease, you need to make sure you won’t be doing anything that can hurt your credit. If you needed to sublease your space, talk to your landlord about those options. Make sure you are open and available to make a move before you do.

So, before you hop in your car and start looking for a home, make sure you evaluate if its the right time for you. Take into consideration these three things presented. Take note of how your local market is performing, what the banks are saying, and also your current living situation. If all is good, reach out to me and let me point you in the right direction. I have a wide network of trusted Realtors and lenders all across the world. I will be sure to set you up with someone to take great care of you.

Chastin J. Miles Headshot
Phone: 214-586-0096
Dated: December 14th 2015
Views: 1,825
About Chastin J.: Chastin J. Miles is a full-service Real Estate agent specializing in Dallas real estate, lifestyle m...

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