You’re probably still finding Halloween candy wrappers in your dryer’s lint tray right now, so it’s hard to think about next year—unless, of course, you’re a Pensacola Home Buyer planning to buy a home in the spring. Then, March, April, and May are certainly on your mind.
Traditionally, there have been advantages of buying a home in the spring. The warm weather is easier to navigate, and it's a bit less busy than summer, but the last three years in Pensacola's real estate cycle have been anything but traditional. Some spring home buying standards hold, but you’ll also need a lot more flexibility to find a home on the timeline you need.
If purchasing a home is on your to-do list next year, the time to start preparing is now.
1) Assess your finances.
You may feel interest rates put buying a home out of your range but that could be a blessing in disguise. Although interest rates may come down as expected we should have never seen them at 2,3,4% to start with I remember buying when they were 15% and we were glad to get that before they went to 18% but that is another story. Interest rates will go up and down but for now, there’s no better time to buy a house with so little competition and no five to six buyers for every home so you can get the home you want or even that dream home, right? Well, maybe. The purchase depends on so many things, but your finances are the most significant influence on your decision and you can always refinance should the rates get ridiculous again.
Check your credit score and correct problems.
Well before you start home shopping seriously (lazy weekend scrolling for fun doesn't count!), research your credit reports and ensure you won’t run into any surprises when it comes time to find a mortgage lender. Hopefully, you won’t find any major issues like identity theft, but you’ll also have to look for incorrect information like addresses, payment facts, and account closures. Inconsistencies can affect your credit score.
Wondering if you can buy a home with bad credit? It’s possible, but you’ll need to prepare. There are a lot of misnomers and just flat-out myths when it comes to buying a home. With over 28 years of experience Charles Stallions has seen a few don't let the naysayers stop you from owning your own home we have many programs and we are sure you will like and fit just fine into one of them call or text me at 850-476-4494 buying 101 in the text and let's do this!
Save your cash.
You’re probably tempted, especially if you’re a first-time buyer, to purchase with owner finance or rent to own. This strategy works for some but call or text Charles Stallions at 850-476-4494 to get the ins and outs on how to do it right.
We all know homeownership is expensive, but many expenses are “hidden” because they extend beyond the property’s initial list price. You’ll need these funds to complete your purchase.
- Earnest money
- Down payment
- Closing costs
- Immediate renovations
- Emergency fund
You’re also responsible for not just the monthly mortgage payment but other monthly expenses, too.
- Utilities
- Homeowners insurance and/or private mortgage insurance.
- Property taxes
- Homeowners’ Association (HOA) dues if necessary
- Landscaping/pool maintenance/pest control services
After you’ve compiled these costs, look online for home-buying and cost-of-living calculators to get a better idea of what you can afford, or check them out on charlesstallions.com.
Mortgage 101, Thinking of financing, refinancing or just need to know about how the process works it all starts here we do the research for you whether a VA, FHA, Conventional, or non-traditional. We can help take the challenges out of the equation.
Call Text homebuying 101 to 850-476-4494 for more in-depth information or to be Pre-qualified about financial readiness or email me at charles@charlesstallions.com.
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