Should I Buy Now or Wait till Spring?

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

 

With interest rates climbing and talk of easing Fannie & Freddie's impact on the mortgage market buyer's that are able to qualify now should start their search before the spring market.   In my area which encompasses the western suburbs of Chicago I have noticed an increase of showings in almost all my listings before the traditional spring market in April/May.

With the interest rates climbing back into the 5% range many buyers wish they had been more assertive in their search when the rates were lower.  With so many events affecting interest rates where they will go is any one's guess. Interest rates flucuate on a daily basis and buyer's need to understand that you need to find a good mortgage broker such as one of the preferred lenders that I use as part of my team.

You need to make sure that you are pre-approved for a mortgage so you don't get disappointed later when you find the perfect home and find out you no longer qualify. Do a bit of homework and pull your own credit report by utilizing your one free yearly credit report or using one of the paid services offered by the various credit bureaus - TransUnion, Experian, and Equifax. Make sure that all credit reported is actually yours! If you have a common name chances are that you will have mistakes on one or more of the reports.

So, now that you have done the first couple of steps what is the next thing you need to do. Decide how much you really want to spend on housing to enable you to continue having the lifestyle that you want. Just because you qualify for a $2000 a month mortgage payment do you really want to have it?

That is a very personal decision and one that only you can make. What are your priorities? Do you want to have a vacation once or twice a year? Do you have a hobby that requires specialized equipment? Are your childrend heading to college in a year? What is your commute? Do you want new construction or existing? What school district? Near shopping? Close to church/temple ? What are your needs and wants?  Do you know the difference from a want and a need?

These are just a few of the questions you need to ask yourself? Once you have narrowed down your search criteria the fun begins.

Finding a realtor that you can communicate with, understands your needs and wants and is willing to assist you in finding a home that meets both your financial goals and also your lifestyle choices.

Now comes the proverbial sales pitch....because I firmly believe in becoming a partner with my buyers in their home search, I do try very hard to listen to you and ask questions to help you realize what your priorities really are.

After all this may be one of your largest financial purchases and hopefully you will be enjoying it for many years to come and I want you to be happy with your choice instead of remembering the realtor that pushed you to buy a home that you really didn't want.

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Rainmaker
365,682
Raoul Loustaunau
REALTY ONE GROUP - Phoenix, AZ
urhomefinder.com myvaluetoday.com

to buy or not to buy now or wait i dont know the answer but i think that with the tax cut bill taking away the deduction of homes thats probably going to be a bigger issue

thanks for the post

RAOUL LOUSTAUNAU
Also visit me at my fan page http://www.facebook.com/YourHomeFinder


"An optimist sees the opportunity in every difficulty and a pessimist sees the difficulty in every opportunity"

The highest compliment i could ever receive is the referral of your friends,family or business associates. thank you for your trust and confidence

Feb 15, 2011 04:27 AM #1
Rainmaker
277,818
Jack Tenold
Caliber Home Loans, Inc. NMLS 15622 - Spokane, WA
Conventional and Reverse

Hi Evelyn.  I enjoyed reading your blog because you came across so sincere and honest.  You provided value without pressure.  It was like sitting down with you over a cup of coffee and just talking home buying.  Nice touch. 

Feb 15, 2011 04:36 AM #2
Rainmaker
282,742
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Gentlemen:  Thank you for your comments.  I am definitely a no pressure agent because I believe homes really sell themselves if they are priced right, in the right condition and for the right buyer.  I realize that there are a lot of sales techniques that can be used but most people can tell when you are using them and don't appreciate the hard sell.  But that's just one person's opinion.  As long as my clients are happy with my service I am happy.

BTW, I do meet with most of my buyers are a local coffee shop, Starbucks, Caribou or Panera Bread if there is no local cafe available.  They enjoy it and are not as stressed about the process.

Feb 15, 2011 04:50 AM #3
Rainmaker
1,057,692
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Evelyn:  Came by to read your latest post .. and what do I find?  I've been included in it!!  So very nice of you ... and thank you for the mention.  Our minds are definitely working in tandem this week, as I posted something of the same ilk just a few days ago myself.  I'm definitely in agreement that this is good advice.  And the gentleman in comment #2 has you pegged perfectly.  Warm and caring, not pushy.   Consider me in, should you ever decide to host a seminar at one of your coffee/bread shops in your area ... I think it's a great idea!  Talk real soon ...

Gene

Feb 15, 2011 08:56 AM #4
Rainmaker
282,742
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Thanks Gene and your welcome since you are a true mortgage professional.  To trust that you will take care of my clients in an honorable way is really wonderful and appreciated. 

Feb 16, 2011 03:19 PM #5
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Rainmaker
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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