A home is one of the biggest purchases you’ll make in your lifetime. It’s not a decision you should step into lightly. In fact, there are many things you should consider before buying a home. Where do you want to live? How big of a home do you need? What amenities would make you happy? But you need to dig a little deeper before you hand over that down payment. These are the questions you should also be asking yourself before buying a home in today’s market.
What are my reasons for wanting to buy a home right now?
First things first – why do you want to buy a home right now? You’ve no doubt seen the frenzy in today’s real estate market. Maybe you want to get in on the action. Maybe you’re worried you’ll miss out if you don’t. You should take time to understand what your motivation is for buying a home so you’ll know if now is the right time. Many homebuyers today need more space, want to be part of a community, or are even looking to increase their financial stability. When you know why you want to buy and what you’re looking for, you’ll have greater confidence when househunting and it will make your search easier.
Is a home purchase in my budget?
Secondly — do you have the money to buy a home? Homeownership is a dream for many, but you need to be in the right financial position to make that dream a reality. If you have a consistent income, have money saved for a down payment, and have a good credit score, then you’re in good shape. Find out how much house you can afford before you begin your search and stick to that budget.
Will I qualify for a good interest rate?
Interest rates have hit historic lows because of the pandemic. But they won’t stay there forever. And not everyone qualifies for the lowest rate. The lower your interest rates, the lower your monthly payments will be. Be sure to get a copy of your credit report and check it for errors. If you’re not happy with your score, then take steps to increase it over the next few months. Once you’re ready to find a mortgage, shop around. You’ll get different rates and fees from different lenders, so it pays to do your research.
Are home prices going to continue to go up?
Home prices have increased steadily during the pandemic. Many buyers are in the market for a new home and inventory remains low. Coupled with low interest rates, this has driven prices up. Experts predict that home prices will continue to rise for the next five years. If you’re ready to buy a home, then now may be the best time.
Who Should I Work With?
When you’re buying a home, it helps to have an expert on your side. That’s why you can trust the pros at Agent inc. Contact us today at 949-791-8160 or [email protected]. Let’s open your world to new possibilities!