The Market is Improving: Am I Ready to Buy a Home?

By
Real Estate Agent with Keller Williams Realty Puget Sound 91333

Things to consider when you are deciding if the time is right for you to purchase a home are:

1.  Am I ready for the responsibility of owning a home?

2.  Am I financially ready?

3.  Is my credit good enough?

4.  What type of loan is best for me?

Purchasing a home involves a myriad of considerations.  Owning a home entails the responsibility of protecting your investment.  You no longer have a land lord to call when someting breaks - you are now that landlord. 

The best way to find out if you are ready for the financial side of the picture is to contact a mortgage professional.  A mortgage professional will be able to check your credit and if it needs to be repaired, he/she will be able to point you the right direction to accomplish this task.  Don't just pay off collections without checking with your mortgage professional first.  Sometimes, paying off a collection will cause more immediate damage than just leaving it alone.  After inverviewing you, your mortgage professional will be able to find the financing that is right for your situation. 

You will also be informed of how much you can afford to spend on a home.  Keep in mind that just because you may be approved to spend a certain amount, you may not be comfortable spending that much.  Remember, this is your money you spending so you are the boss!  But, you will know how much you are pre-approved to spend.

Now, it is time to find your Realtor®/agent.  Interview several agents to find the best fit for you.  Your Realtor® should call you in for a Buyer Consultation.  This will take anywhere from a half hour to an hour and a half, depending on questions you may have.  During this consultation, you Realtor® will ask you a series of questions to get to know just what you are looking for in a home.  After the consultation you are now ready to to house hunting.  If your Realtor® has done a good consultation and you were totally honest with him/her, you should be able to find your new home pretty soon.  

This is the short version.  if you would like more information about purchasing a new home or the down-payment-assistance programs available we hold Home Advantage seminars twice weekly.  To register send an email to me, Roger Stensland or my partner Jay Staples at:

roger@thehomeresourcegroup.com

jay.staples@absoluteloans.com

Comments (13)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

If you are paying rent, it it is not uncommon for rent to be be about the same as a mortgage payment in many cases.

Mar 05, 2013 10:37 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

"The best way to find out if you are ready for the financial side of the picture is to contact a mortgage professional."

   That says it all, Roger.  Until you (Buyer) are pre-approved, I cannot show you houses!

Mar 09, 2013 12:54 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Roger, great post for buyers on the fence whether or not they are ready!

Mar 09, 2013 01:16 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Roger, Good list to refer to when getting ready to purchase, especially a good lender and agent, together they will accomplish a buyer's real estate goals!

Mar 11, 2013 08:53 AM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Great information...what the mortgage people won't tell you is how much you need to budget annually for normal upkeep!

Mar 15, 2013 12:04 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Very good information here for first time buyers!  Most have no idea how much responsibility is required!

Mar 20, 2013 12:33 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Roger you make excellent points here.  The questions are GREAT!

Mar 28, 2013 03:10 AM
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Roger

Some great advice for anybody looking to buy in today's super competitive market. cheers cvc

Apr 05, 2013 03:24 AM
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Roger, I've had a rash of people who have NOT qualified recently, and it's so hard to tell them no, that they can't proceed.

It's for any number of reasons, which in this day and age of lenders being so much stricter, it might just be to protect them from themselves at times!

Great info.

 

Apr 11, 2013 03:11 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Roger, I'm finding that people (especially first time buyers) seem to be the most nervous about applying for a loan, assuming that the banks are saying no to almost everyone.  And many of them are indeed highly qualified!

Apr 13, 2013 03:06 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Roger, just a little tip I learned. Use the local name of your area in the title and Google will rank you for that area. Something like...The Puget Sound Market is improving, are you...

Apr 16, 2013 04:32 AM
Roger Stensland
Keller Williams Realty Puget Sound - Maple Valley, WA
Let's Move!

Tammie, thanks for the advice.  I have to re-tune my brain to always be thinking of the google ranking.  I usually think about the topic in general and do not apply it to my business.  Thanks again.

Apr 17, 2013 12:24 AM
Cassandra Stewart
Future Home Realty - Tampa, FL
Your Tampa Florida Agent

Roger - This post does a great job of explaining things to consider when you are thinking about buying a home. All the best to you!

May 15, 2013 01:50 AM