Is Now the Right Time to Buy a Home?

September 16, 2008 · Julie Cleland

There are times when the markets may be seen as more favorable to buying property but the question to really ask yourself is, Is now the right time for me to buy a home?

During the early part of this decade the real estate market was red hot with multiple offers and homes going over the asking price. The common held belief was that only fools weren’t trying to get into the market. It was a time when lenders would loan just about any amount of money to anyone with a pulse and a paper route. It was during this market that many people got themselves into homes and loans that they can now no longer afford.

While everyone has opinions of when it is or isn’t a good time to buy only you can answer the question for yourself. What is your current financial situation? How will that change over the short & long term? If there are adjustments in your loan will you be able to cover the additional payment? Have you considered the expense of keeping your asset in good condition? What are other financial obligations to consider? These are the kind of questions you should be asking yourself before you decide to take the leap.

In order to know where you are going you need to know where you are right now. Start your planning by sitting down with a Realtor® and a mortgage broker or lender. They will help you look at the current market and your current situation to see if now is the time to buy. If not, they can advise you on how to get your own financial situation in order before you look to buy a home. Don’t be pushed into something because everyone else is doing it. Buying a home is a big decision and you as the buyer are the one who is going to have to live with the decision. Make sure it’s one that is right for you.

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