{"id":8087,"date":"2023-08-02T10:30:00","date_gmt":"2023-08-02T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/how-to-know-if-youre-ready-to-buy-a-home\/"},"modified":"2023-08-02T10:30:00","modified_gmt":"2023-08-02T10:30:00","slug":"how-to-know-if-youre-ready-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/how-to-know-if-youre-ready-to-buy-a-home\/","title":{"rendered":"How To Know If You\u2019re Ready to Buy a Home"},"content":{"rendered":"
\"How<\/p>\n

If you\u2019re trying to decide if you\u2019re ready to buy a home<\/a>, there\u2019s probably a lot on your mind. You\u2019re thinking about your finances, today\u2019s mortgage rates<\/a> and home prices<\/a>, the limited supply of homes for sale, and more. And, you\u2019re juggling how all of those things will impact the choice you\u2019ll make.<\/p>\n

While housing market conditions are definitely a factor in your decision<\/a>, your own life and your finances may be even more important. As an article from NerdWallet<\/em> says<\/a>:<\/p>\n

\u201cHousing market trends give important context. But<\/em> whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n

Instead of trying to time the market, it may help to focus on what you can control<\/a>. Here are a few questions that can give you clarity on whether you\u2019re ready to make your move.<\/p>\n

1. Do You Have a Stable Job?<\/strong><\/h4>\n

One thing to consider is how stable you feel your employment<\/a> is. Buying a home is a big purchase, and you\u2019re going to sign a home loan stating you\u2019re going to pay that loan back. That can feel like a big obligation. Knowing you have a reliable job and income coming in can help put your mind at ease. As NerdWallet <\/em>explains<\/a>:<\/p>\n

\u201cA mortgage is a big commitment . . . Wait until your employment is stable before thinking about buying a house.\u201d<\/em><\/p><\/blockquote>\n

2. Have You Figured Out What You Can Afford?<\/strong><\/h4>\n

To make sure you have a good idea of what you\u2019ll need to save and what you can expect to spend on your monthly payment, talk to a trusted lender. They\u2019ll be able to tell you about the pre-approval process and what you can borrow, current mortgage rates and approximate monthly payments, closing costs to anticipate, what percent of the purchase price of the home you\u2019ll need for a down payment<\/a>, and more.<\/p>\n

The best part is you may find out you\u2019re closer to your goals than you realized. You don\u2019t necessarily need to put 20% down, unless it\u2019s specified by your lender or loan type. As Down Payment Resource<\/em> says<\/a>:<\/p>\n

\u201cA 20% down payment on a home is great, but . . . Many mortgages require no more than 3% to 5% of the purchase price as a down payment. Plus,<\/em> there are loans and grants that may help cover these costs. Search for down payment assistance in your area, and discuss your results with your mortgage lender . . .\u201d<\/em><\/strong><\/p><\/blockquote>\n

3. How Long Do You Plan to Live There?<\/strong><\/h4>\n

Another important thing to think about is how long<\/a> you plan to stay put. It takes time to build equity<\/a> in your home through paying down your loan and home price appreciation<\/a>. If you plan to move too soon, you may not recoup your investment. For example, if you\u2019re looking to sell and move again in a year, it might not make sense to buy right now. As a recent article from CNET says<\/a>:<\/p>\n

\u201c<\/em>Buying a home is a good idea if you\u2019re planning to stay put for at least three years.<\/em><\/strong> Home values typically increase between 2% and 5% annually, so you could end up paying more in closing costs than you\u2019d earn in proceeds if you sell after only a year or two.\u201d<\/em><\/p><\/blockquote>\n

So, think about your future<\/a>. If you plan to transfer to a new city with the upcoming promotion you\u2019re working toward or you anticipate your loved ones will need you to move closer to take care of them, that\u2019s something to factor in.<\/p>\n

Above all else, the most important question to answer is: do you have a team of real estate professionals in place?<\/em> <\/strong>If not, finding a trusted local agent and a lender is a good first step.<\/p>\n

Bottom Line<\/h3>\n

If you\u2019re trying to decide if you\u2019re ready to buy a home, these questions can help. But ultimately, your best and more reliable resource is the help of trusted real estate professionals.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re trying to decide if you\u2019re ready to buy a home, there\u2019s probably a lot on your mind. You\u2019re thinking about your finances, today\u2019s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you\u2019re juggling how all of those things will impact the choice you\u2019ll make. While housing […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,98,99,102],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nHow To Know If You\u2019re Ready to Buy a Home - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/how-to-know-if-youre-ready-to-buy-a-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Know If You\u2019re Ready to Buy a Home - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re trying to decide if you\u2019re ready to buy a home, there\u2019s probably a lot on your mind. 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