Is this a good time to buy a Glenview home? Some people will always say, yes, it is a good time. Others will say it's not a good time unless you've lived at least five years in your current home and have some equity built up.
All this can be good advice, but here are a few things to think about if you are considering buying a home during the current market situation.
Market Conditions - Of course, this is always a biggie. Right now, prices and interest are both low, which generally means it's a "buyer's market". However, inventory is also low, so be prepared that you may have to spend some time finding the right home for you.
Big Life Events - Do you have some big life events coming up or have you recently had them? These include divorce, bankruptcy, illness, and a credit rating below 630. Also if you plan on moving within five years anyway, moving again now might not be in your best interests. Will you be having children soon or changing jobs or job location? These are some things to give you pause before you jump on the buyer's market bandwagon.
Getting a Good Mortgage Rate - If you currently have a bad credit score--as I mentioned earlier, 630 or below--you'd probably be better off staying in the home you're in and working on repairing your credit score. Then when your score is better, you'll be able to get a loan at a better rate. However, there is a downside to this strategy. If the market continues to get better, home prices will go up, and although you may have a better mortgage rate, the price of the house you want may be higher.
Taxes - Don't forget to look into your tax situation to see how buying a home will affect your taxes.
As you can see, there are a lot of things that make it a good time to buy a home. However, there are also a few things that could make it not such a good time for you personally. The one constant that can always help you decide when, where and what to buy is a good Realtor®. They know about current mortgage rates, home prices, home availability and local neighborhoods.
So when you do decide it's a good time to buy, or you want to get a real estate agent's help with deciding, call The Marla Schneider Team at 847-657-3790 or contact us online. We know all the local neighborhoods including Glenview, Wilmette, Northbrook and the North Shore and can advise you on what's best for you personally at this time.
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