With interest rates at all time lows- dipping below 4%, is now the time to make the American Dream your reality?
When is it the right time to buy a house? When is home-ownership actually an attainable thing for you here in Northern Virginia? Well, that is something that you certainly have to assess as an individual, and discuss with your lending institution, but with interest rates at all time lows, and more inventory on the market for you to choose from, now could be the best time for you to buy. Lawrence Yun, the Chief Economist of the National Association of Realtors recently said “Housing affordability is about the best it’s ever been, but tight lending conditions have made it difficult for buyers to take advantage of the good conditions.” I agree with him whole-heartedly- if you can afford to buy right now, it is the time to buy… you just have to assess your personal situation. Carla Hill of the Realty Times put together an awesome little “are you ready to buy” quiz that I thought was super relevant and I want to put my spin on it. Take hers, too, if you want.
Here are some great questions to ask yourself if you’re thinking about buying:
What sort of credit do I have? a) I don’t want to think about it. Don’t open the Neiman’s bill from last month. b) My credit is immaculate, like the sparkle in my eye. c) I have decent credit, and I think I can pull through and clean up any glitches there may be.
What type of Down payment do I have available? a) What is a down payment? b) I have been putting aside a good chunk-o-change for a while now. I am set. c) I have some cash set aside, and am willing to build it up further.
Do I need down payment assistance or will I be able to put down a substantial amount of money? a) Can’t someone just pay for all of it? b) I think I’ll be set with my down payment, but negotiations may see me ask for a bit. c) I think I might ask for some seller subsidy. What do you think, real estate pro?
Have I already found a lender that has pre-approved me for a loan? a) I would like to speak to a lender about a car loan for now. maybe buying a house isn’t for me. b) I have spoken to a lender that I think I know and trust. c) I haven’t found a lender yet. can you point me in that direction?
Why now; why do you want to buy a home? a) I’m sick of living in my parent’s basement and I want to paint a wall or two. b)I think that with where interest rates are and my job stability that I’m ready to make this move for my future. c) I see it as an investment and that I’m ready. Let’s do this thing.
Have you thought about the area you want to live in yet? a) I want to be up town, down town, mid town and all around. b) I have totally singled out a few areas that I really enjoy and are close in to work. c) I think I have an idea but need to weigh my options.
Can you visualize your perfect home? a)Of course, I know what I want. It is going to be move in ready and 3,000 sf and $180,000 in Clarendon. b)I have seen some things when I’ve gone to open houses that seem pretty perfect, and I think they are within reach of my price range; I’ll have to see after we check our one or two places to make sure we’re still on target. c)I have an idea that I want to see some older homes that I may have to do some work on that are in my price range that are closer in, or some more updated homes that are farther away from my work. I may have to compromise on what I want.
You want answers, do you? The answers are in you, my friend.
All “a’s” used to get you on the deans list, but here it gets you a meh. You soooo aren’t ready. Take a good long look at why you might be looking to buy a home and think again- if you want some guidance about where you want to be and what you need to do to get on target to be ready to buy a home in Northern Virginia, let’s chat!
Are you a “b” student here in the is it time to buy quiz? You’re looking like a hot-shot ready to buy, you have your ducks in a row, you have thought about your future and are ready to start scouting location-location-locaiton. Seeing “c’s” here? That isn’t so bad.
Even “c’s” have their charm in this quiz.You’re doing well and are on your way to having what you need to be ready to buy. Interest rates are low, you’re getting your savings together, you are finding a lender, and you know some areas that make you happy. You’re on your way.
