Thursday, April 9, 2009

Is Now a Good Time to Purchase?

The Facts on Home Purchase

Customers and friends are always asking me why aren't people buying if it's such a "good time" to purchase? Following is just "my take" on this market and economy today.

Fear. People are afraid to make the home purchase, and are waiting for fear of:

Fear of change... new president
Fear of the slowing economy
Fear of job security
Fear of rising fuel and groceries cost

That's fine to be cautious. It's wise to be prepared... if your concerned over your job security or have no money after you pay your current bills... this might not be the time for you to buy. But, if your meeting your obligations and your tired of renting or need a larger home... lets get you to a lender to see how much home you can qualify for. If you can't afford the numbers it takes to make the move you desire, then lets wait.

If your financials meet the criteria needed to make your purchase for the type and size of home your wanting... then now is a good time to buy! There should be no fear with interest rates in the 5.75% range, (with your good credit scores), and a building inventory of homes on the market. Another great tip is, traditionally... the sales price of a home is two-and-a-half times the the household income. This is not always true, but it a good rule of thumb!

Here is a short list of the necessities on purchasing a home:

A good Realtor and a good Lender!
Two years of work history, (College grads with new job counts as 2 years).
Two years of tax returns.
Three months of bank statements.

Email or call if you have any questions about how to purchase a home, or need a lender.

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