Waiting for your chance to pay too much for a new home?
Although E.J. "Mike" Carlier, MarketLink Realty is out of Apple Valley MN ... this post's message pertains to those presently in a house hunt (and future buyers) in all markets across the USA.
I can add that ... as of this writing ... interest rates have headed up at a fairly quick pace. They've jumped over a full point in just the last week or so.
Those interest rate spikes mean more dollars and cents to your monthly payment over the length of your loan. That means you must qualify for a higher payment. That means you may or may not obtain the loan if you're a more marginal applicant.
Get my drift? Simply stated, you can wait yourself right out of mortgage approval and buying the home you want! Add limited availability and time restraints of regional home purchase assistance programs and monies into the mix ... and the gamble of waiting becomes even larger.
Heed the message contained here and then talk with your real estate professionals. Weigh your options. Listen to their advice and counsel ... and then take action accordingly.
Gene
Shopping for a new home is a lot like Christmas shopping. The best time to shop and buy is before the rush, while inventory is adequate and there is not too much competition for the most desirable stuff. Wait until a week before Christmas to start looking for the hottest toy of the year, and you'll probably end up on eBay bidding a lot more than list price, and you still might not get what you want.
We are way past the part of the season when we complain that the retailers are rushing us. The complaints about Christmas promotions coming too early are mostly forgotten. It's just about panic mode. The good stuff is gone and the sales we were waiting for have not materialized. A month or so ago was a great time to shop, but we waited. Now, the most sought after gift items are hard to find and overpriced. There is plenty of less desirable stuff, but it's no bargain either.
This is your early call to avoid the big rush in home hunting. It's not March yet, and you still have a chance to shop early. If you want to settle for something that's not exactly what you want, or if you want to pay too much for your dream home, just wait. Wait like you did to start your Christmas shopping. Wait until spring, and then wait in line to submit your highest and best offer on a home that everyone is lining up to buy.
Yes, like the retail stores this week, there is and will be a lot of stuff for sale, even in March and April. Most of it is not going to be the best property or the biggest bargain. It'll be the stuff that has been picked over with the best and best-priced homes no longer available.
If you actually want to find the best Elko-New Market property at the best price, now is the time to get serious and begin house hunting. Call me to reserve a time for a no obligation (honest) home buying orientation and strategy session. It takes about an hour, and now is the time to take some action. It will save you a bundle!
It's still possible to get a loan on a home with nothing down in many Scott County locations, but funding for this program is not unlimited. There may be some spring home shoppers who are unable to get no money down financing. Why wait until it's gone just so you can tiptoe through the tulips instead of sloshng through the snow to find a home?
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