he American dream of for it. Keep in mind personal
buying a home is a factors like the livelihood of
multi-step process. But the future moves, income, and growing
first, and most pivotal decision families. A good realtor will
involved, is when to buy your take all these factors into
first home. For first time buyers account when helping scope out
hearing about the ups and downs your ideal home.
of the housing market can put
them into a state of fear and I you are already paying rent, it
inaction. The often ask- is this generally makes sense to turn
a bad time to buy? Can I qualify? that outgoing cash each month
Will my interest rates soar? But into an investment that will
realtors and mortgage brokers accrue equity immediately. Use
will all tell you that the right the knowledge of local realtors
time to buy is contingent on more and mortgage lenders to get a
factors than the national, or feel for the local market. This
even local housing economy. will be more pertinent than
national trends for your
A Solid Investment immediate needs.
One of the reasons that realtors High Interest vs. Interest
tout home ownership as the Deductions
investment of a lifetime is
because your home will appreciate Realtors and mortgage lenders
over the time you live there. report that high interest rates
While an investment property are one of the biggest areas of
seeks a different type of return, concern for people buying a home
the outcome is the same. Most for the first time. As national
people will eventually sell their sales have dropped in the first
home for far more than they paid half of 2007, lending standards
have tightened, and obtaining low now would really stretch those
interest rates has gotten more numbers, responsible realtors and
difficult- especially for lenders mortgages lenders advise taking
with poor credit or little money some time to get your credit in
for a down payment. According to shape and save up some cash.
the National Association of
Realtors, high priced homes are On the other hand, if you can
selling strong, and the overall swing a reasonable down payment a
real estate sales are expected to slightly higher interest rate
increase gradually in the second than was offered a year or two
half of the year. ago isn’t really a reason to put
off buying. Realtors say this is
How does this affect the right a great time for buying since the
time to buy? Obviously, if your market is flooded with reduced
credit is poor and you have priced homes. And you actually
little cash, this could make can benefit from mortgage
obtaining a loan challenging. But interest deductions. Ask your
realtors report that many first realtor, lender or other real
time home buyers find themselves estate professional to explain
needing to buy a home due to a the how mortgage interest is
relocations, or new baby in the completely deducted from your
family. Does this mean the times taxes.
just not right, and they should
rent another year or two to get Still Unsure?
cash save up? Maybe.
Just remember- look at the
A good guideline realtors give is numbers. The best realtors will
that no more than 33% of your lead you towards homes that are
income should go towards housing. in your price range- but you need
So if getting into a home right to know what that really is.
Realtors and mortgage lenders can income and desires, only you can
only give feedback on the really determine now is the right
information you give them. By time for buying a home.
considering your lifestyle,
About the Author:
John Harris is a researcher and writer on applicable real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit San Diego Homes for Sale
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J Harris
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