Knowing whether It Is a Good Time to Buy a Home

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Knowing when it is a good time to buy a home is not only based on the real estate market and rates but your own personal situation as well.

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As far as home prices are concerned, in most areas prices are lower than they have been in practically ten years. This is an indication that buying now is of policy a logical time if you are personally ready to buy a home. Why wait to see if the prices drop any more? You could find yourself waiting to see and then suddenly prices have already started to increase before you even start your search. No one can predict when prices will climb or decrease.

Mortgage rates are the second thing to look at. Although they are still very low we have seen them start to rise and the likelihood of them persisting to go up is high based on the fact that interest rates will have to go up to offset the debt.

Although prices and mortgage rates are two very prominent issues when thinking about buying your first home you still have to reconsider your own personal situation.

Are you planning on staying in the area for at least five years? Is your job and earnings status stable? You should all the time have several months of mortgage payments set aside for the tough times and in case you end up in the middle of jobs for a duration of several months. You are not ready if you do not have a savings to fall back on.

You need to look at your whole situation before knowing whether this is a good time for you to purchase a home. Currently the prices of homes are a good sign that this could be a good time for first time homeowners and the interest rates are still good so if you are ready the housing market is ready for you.

If you are selling a home and buying a larger or smaller home it only makes sense that if you are on both ends, the selling and the buying and the interest rates are reasonable then it is also a good time to buy. You will have the negotiating power on one of the transactions and on the opposite on the other transaction. Right now, selling will be the down side and buying will be the upper hand.

Check with a good marvelous realtor in your area to understand what you may be able to expect to sell your home for and how much it may cost to buy the home you want.

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