$\"Not$ \n

If you\u2019re trying to decide if you\u2019re ready to\u00a0become a homeowner<\/a> in the next twelve months, there\u2019s probably a lot on your mind. You\u2019re thinking about your finances, today\u2019s\u00a0mortgage rates,\u00a0home prices, the current state of the economy, and more. And, you\u2019re juggling how all of those things will impact the choice you\u2019ll make. It\u2019s a lot.<\/p>\n

But here\u2019s what you need to remember. While housing market conditions<\/a> are definitely a factor in\u00a0your decision, your own personal situation and your finances matter too. As an article from\u00a0NerdWallet<\/em>\u00a0says:<\/p>\n

\u201cHousing market trends give important context. <\/em>But\u00a0whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n
So, instead of trying to time the market, focus on\u00a0what you can control. Here are a few questions that can give you clarity on whether or not you\u2019re ready to make your move.<\/p>\n
1. Do you have a stable job?<\/strong><\/h4>\nBuying a home<\/a> is a big commitment. You\u2019re going to take out a home loan stating you\u2019ll pay that loan back. Knowing you have a reliable job and a steady stream of income is important and will give you peace of mind for a purchase so large.\u00a0<\/p>\n
2. Have you figured out what you can afford?<\/strong><\/h4>\nIf you have a reliable paycheck coming in, the next thing to figure out is what you can afford<\/a>. This depends on your budget, spending habits, debts, and more.<\/p>\n
At this point, it helps to talk with a trusted lender. They\u2019ll be able to tell you about the pre-approval process and what you\u2019re qualified to borrow, current mortgage rates and your approximate monthly payment, closing costs, and other expenses you\u2019ll want to budget for. That way, you have a good idea of what to expect.\u00a0<\/p>\n
3. Do you have an emergency fund?<\/strong><\/h4>\n
As you crunch your numbers, you\u2019ll want to make sure you have enough cash left over in case of emergency. Think about it. You don\u2019t want to overextend on the house, and then not be able to weather a storm if one comes along. It\u2019s not a fun topic, but it\u2019s an important one. As CNET says:<\/p>\n
\u201cYou\u2019ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances, such as job loss or medical emergencies.\u201d<\/em><\/p><\/blockquote>\n
4. How long do you plan to live there?<\/strong><\/h4>\n
It was mentioned above, but buying a home comes with some upfront expenses. And while you\u2019ll get that money back (and more) as you gain equity, that process takes some time. If you plan to move again soon, you may not recoup your full investment.<\/p>\n
So, how long should you stay put in an ideal world? Lawrence Yun, Chief Economist at the National Association of Realtors<\/em> (NAR), explains:<\/p>\n
\u201cFive years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.\u201d<\/em><\/p><\/blockquote>\n
So, think about\u00a0your future. If you\u2019re going to live there for a while, it may make sense to go for it. But, if you\u2019re looking to sell and move within a year or two because you\u2019re planning to transfer to a new city with that promotion you\u2019ve been working so hard for, or you anticipate you\u2019ll need to move to take care of family, those are things to factor in.\u00a0<\/p>\n
5. Do you have a team of real estate professionals in place?<\/strong><\/h4>\n
If you do, great. But if you don\u2019t, finding a trusted local agent and a lender is a good first step. Having the right team can make figuring out everything else easier. The pros can talk you through your options and help you decide if you\u2019re ready to make your move, or if you have a few more things to get in order first.<\/p>\n
Bottom Line<\/h3>\n
If you want to have a conversation about all the things you need to consider to determine if you\u2019re ready to buy, connect with a local real estate professional.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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