If you’re a first time buyer who’s been thinking, daydreaming, or is confused about whether or not to make a home purchase
procrastinating! I can’t tell you that you need to buy a home but I CAN tell you to do yourself a favor and contact an expert in the field to figure out if you should. Find a full time REALTOR with experience working with first time buyers, and most importantly someone that you trust. Myself, for instance.
Interest rates are still suuuper low which affects how much home you can purchase (see my previous blog on affordability), there are a TON of homes to choose from, and you get eight THOUSAND dollars from the US Government (I really don’t see them extending this little ditty).
It takes about 30 days to obtain financing (sometimes more) and depending on what you’re looking for it can take weeks to find a home. That said, if you’re interested in getting some of that hard earned money back that you’ve been paying the government, that ship is getting ready to sail.
Of course, homeownership isn’t right for everyone and I’m not here to convince you that it is. Here are a few scenarios where you wouldn’t want to purchase a home right now:
-You don’t have at least 3.5% of the purchase price available for a down payment…or can’t find a way to get it.
-Your credit score is below a 620. Here are some good tips that I found for improving your credit: http://www.creditsc0re.com/ Note-These are good tips but the website itself seems a bit sales pitchy. If you want an actual free copy of your credit report (score isn’t included), go to www.annualcreditreport.com
-If you’re a first time buyer hopping off of the proverbial fence because of the tax credit but are unsure that you’ll be able to live in the house for at least 3 years.
If you still have questions or are contemplating, give me a call or e-mail with your situation and I’ll be glad to help you make a sound decision. I may be a REALTOR but I am not in “sales” as so many people think. You sell clothes, computers, etc. I am a trusted advisor, excellent negotiator, educator, and a much needed helping hand for those who do decide to make what’s usually the largest purchase of their lifetime. I don’t take my responsibilities lightly.