Is It The Right Time To Buy A Home

Dated: 07/18/2018

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You have made up your mind to buy a home, but are you sure that everything else will support you for buying the new home? Even if you go to a good realtor like Blu Skky Realty you will not be able to buy a good home until and unless time is perfect.

So, how do you know whether time is perfect or not? Sorting out these factors will let you know better.

Your finances

When it comes to buying home financing matters the most. Here are the biggest issues that will come front

  • You have the down payment: when it comes to buying a home you will need mortgage and when you go for mortgage you have to ensure that you have enough cash for making the down payment. Most lenders want a down payment of 20% on total value. Thus, on a property of $300000 you should be prepared to make a down payment of $60,000.

  • Monthly mortgages are affordable: the lender will decide whether it is possible for you to manage the monthly mortgage based on your income and other debts. High income is good but higher debts will be considered as bad.

  • Credit score matters: your credit score will let the lenders know that how do you pay off your creditors. If you have good credit score no issues else you may face difficulty in getting loan.

Market conditions

Once you are satisfied with your financial conditions its time that you check out the market conditions. Experts from Blu Skky Realty will help you out but you will be better prepared if you consider the following.

  • Inventory: Lookout at the listing of the area where you are planning to buy home. If you find that majority if homes are listed for more than 6 months then you can understand that market is slow and the rates will be somewhat moderate. However, if you find that properties are selling up quick then you can expect high prices. Its seller market and you have to wait for the right time.

  • Interest rates: this is another factor that will decide whether it’s right time to buy on not. The interest rate fluctuates based on the market conditions. The rates keep on changing and hence do not depend upon a rate you had checked before a month. Check it out just before finally buying the property.

If this thing goes in favor then you can plan for buying a home.

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Marion Long

I am committed to finding my clients their perfect home. My clients love my attention to detail and the focus I put on making the home buying process as simple as possible. From mortgage pre-approva....

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