Is It Time to Take the Plunge?
Knowing that you want to get in the market for a new home is one thing. Knowing when to enter the housing market is another. Why is this? There are a ton of variables to consider:
You can read as many articles as you want to get a sense of what is going to happen. Some say that rates will go up, others say down. Your parents may say to save up more money while your co-workers say you have more than enough. And the market – that can swing either way. So what do you do?
Your Decision Points
First, see what you can afford. You can find a ton of online calculators that will give you a very ballpark number that you can use as your springboard.
Remember: Online mortgage calculators can only suggest what you might be able to afford. Use their number as a guide only. Getting pre-approved by a mortgage lender such as Shamrock Financial will give you a more concrete idea of how much you may be allowed to borrow.
Next, always take a look at what the market has to offer. Look online to see the listings, prices, and locations. You can get a sense of how many listings you can afford and if they match your house must-haves and wants.
Don’t forget to check out new sub-divisions either. Either way, you will get a sense of how much inventory exists, which will influence how quickly you have to act when you find your dream home and how much you could expect to pay.
The Cost of Waiting
If housing inventory seems low, if bidding wars are the norm in your area, if you think that interest rates are going to rise, then maybe you should wait to buy that home. Or should you? Everything costs – including the cost of waiting. Each opportunity you don’t take is an opportunity lost. How would you feel if the only reason you didn’t get your dream home is because you hesitated?
Of course, you don’t want to overpay or get into a bidding war. Know how much you can afford, what your limits are, and where you have wiggle room. Sure, a house is a lot of money, but taking a chance means you could end up with your dream home.
Shamrock Financial – Your Guide to Housing
Jumping into those deep housing waters can be scary. With the thought that you could spend far more than you want is daunting, having objective, professional help can take off that stressful edge. With decades of experience under their belt, Shamrock Financial has seen it all. We can recommend the right mortgage products, offer options you didn’t know existed, and guide you through those waters so you don’t miss that opportunity when it finally does come along. Not ready to chat? No worries! Download our Ultimate E-Book Guide to Home Buying for FREE.