Do you have a lease that is terminating in a few months? Is there a motivating factor that is driving your question such as; will the mortgage rates remain low? How much do I need for a down payment and how much can I afford?
Several factors go into determining when is a good time, such as your credit score, debt to income ratio, savings on hand, and your future life plans will also help determine if buying sooner rather than later is in your best interest.
Factors that affect your decision are:
- Do I have a job with a steady income for at least 2 years work history in the same field?
- Do my Future career plans include my remaining in the same market? Staying long enough to build some equity is key to your decision process.
- Are schools a factor in your decision process and timing?
- Do I have enough savings for purchasing or have high enough income and credit score to use down payment assistance to get into that first home?
These are some of the factors that go into making the decision on whether or not to buy, and what is your best timing.
Deciding on what is your preference in type of housing is also a consideration. Is single family housing right for you or is your lifestyle more in line with buying a condo or townhome?
If you hate yard work and travel a lot, or have a green thumb and enjoy a beautiful landscape, or backyard entertaining area it may also determine your preference.
Additionally, the housing market conditions can also affect your home-buying decision. Historically, buying in the later months of the year have resulted in some savings, however, does that historical factor remain consistent in a Seller’s Market when inventory is low?
Minneapolis Area Association of Realtors Association annual report indicates that Closed Sales were up 7.7% in 2020 over the previous year, while inventory is still remaining lower than average year of year. Pending home sales were up almost 10% from 2019 pending sales.
We can help you get all your questions answered in a very short period of time, because we are in tune with current market conditions, and, based on our knowledge, we can help you strategize a plan to negotiate a great deal for a new home in any market, because we have phenomenal lenders, inspectors, closers and other help you get you into the home of your dreams and start building equity in any month of the year.