Timing is everything when it comes to purchasing a home. If you time your purchase in an appropriate manner, you can save yourself some headaches and extra cash. Here’s how to tell if it is a good time to buy a home or if you should wait for a more opportune moment.
Keep an Eye on Housing Prices
Consider the housing market in your area… if prices are starting to increase and your needs are pressing, you might want to buy before prices skyrocket. If prices are falling, consider how fast the prices are dropping. If prices are rapidly plunging, you might want to wait, but if prices are falling slowly, you may want to make your move.
Do You Have a Down Payment?
Many lenders require a minimum down payment of 20 percent of the purchase price. If you don’t have the funds available now for a down payment, could you ask family or friends for a loan? If you can’t, you may not be in a position to purchase a home unless your credit rating is stellar.
What’s Your Credit Rating?
A good credit rating is desirable when it comes to purchasing a home. If your credit score is not the best, you should find ways to improve it before purchasing a home. If you want the home of your dreams, sometimes it is easier to just work hard at fixing your credit instead of watching out for the credit benchmark to lower.
Check Out Mortgage Rates
It’s always a good idea to be on the lookout for the best bargains when it comes to mortgage rates. 30-year mortgages usually yield the most competitive rates, but this is not always the case. Don’t be afraid to haggle either- negotiations usually lead to much better rates.
When it comes to knowing when to buy a home, Top Charlotte Agent is always ahead of the game. Our knowledge and experience can be a great advantage and tool for you when it comes to purchasing real estate in the Charlotte area. We’re always happy to put our expertise to work for our clients, so that you can feel confident you’re getting the best deal when purchasing your dream home!