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Should You Buy a House Right Now? page 4 To Buy or Not to Buy a House MARKET ASIDE, ARE YOU READY?
You’re probably hearing conflicting advice when it comes to home buying. While some say a recession is inevitable, others highlight the lowest selling prices in years. However, you should consider the current market conditions as context rather than deciding factors when buying a home. Whether or not the time is right to buy a home depends on your personal and financial circumstances. Real estate market aside, the more important question is this: Are you ready to buy a house right now? Assess your finances. Potential homebuyers should be aware of the roadblocks before making any significant decisions. You’ll need to be entirely sure that your funds are ready to take the hit of both a down payment and a
mortgage. Consider your credit, savings, and debt when determining your monetary readiness.
If you feel financially comfortable to undergo the hurdles ahead (with a stellar credit score to match), you should be ready to start looking for a home! Consider some reasons to hold off on buying. While there are plenty of reasons why you should buy a home, there are also countless reasons why now might not be the right time for you. Look at your personal and financial situation and ask yourself:
These three financial aspects decide whether you’ll
qualify for a mortgage. For example, those with credit scores lower than 600 will have slimmer chances and higher prices. Meanwhile, your debts can also hinder your ability to qualify for a mortgage if they’re disproportionate to your income. As for your savings, you will need enough money for the down payment, moving costs, as well as possible expenses
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Is your job secure? Have there been recent layoffs in your company? Are you feeling pressured by family or friends?
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Do your finances need some TLC? Are you ready to put down your roots?
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associated with owning a home. Everything your previous landlord took care of will now be your responsibility. Even new homes have surprise repairs that will come out of your pocket.
These are just a few issues that can cause a disaster in the home-buying process. You will need to assess your situation and be honest about why you need to buy a home and if you’re financially prepared.
4 • BrucePA.com
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