Is Now A Good Time To Buy A Home?
Over the last two years one of the most common Real Estate questions that we’ve had from our clients in Southern California, and over the Internet, is if now is a good time to buy a home, and our answer to this question is always it depends on the buyer, and their financial picture, before they buy a home.
If you’re thinking about buying a home right now make sure that you’re really ready to make your home purchase by following these tips.
Tip #1 – Save For a Down Payment Between 3.5% and 20%
Down payment is always important when buying a home because, it enables you to start your new life as a homeowner with some “skin in the game”, or equity in your home, and it’s always best to buy a home with a down payment of at least 20% if you can because, this will enable you to avoid paying Private Mortgage Insurance as well.
Tip #2 – Make Sure You’re Comfortable with the Mortgage Payment
Your lender may have pre-approved you for a $500,000 mortgage loan but, will you be comfortable with your mortgage payment each month? If not, buying a home right now doesn’t make sense if you’re going to barely afford making your monthly mortgage payment along with meeting all of your responsibilities which come with being a homeowner like paying property taxes, homeowners insurance and maintenance costs.
Tip #3 – Is Your Employment Really Stable?
Last of all, but most important, before buying a home in Southern California, or elsewhere in the United States, one of the most important things you need to do as a home buyer is to ask yourself honestly if your employment is really stable or not because, there will be nothing worse than losing your job and not being able to make your monthly mortgage payment,
At Fred Sed Realty we care about our clients and make sure that every client we serve is really ready to buy a home before they start the home search. If you’re ready to take the next step and become a homeowner contact us today by calling (800) 921-9231 or click here to connect with us online.