Wanda Asks….Is Now the Best Time to Buy a House?

According to Zillow Research, the economy is improving. That is great news for home buyers! The improvement is expected to gradually increase “household formation and consumer confidence”. But the housing market may still face greater declines due to “excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment.” reported Zillow.com.

So while we are improving in one sector we might not in another. I wish I had a crystal ball to predict what will happen in the housing market and frankly it is all very confusing to the average consumer.

The best way to determine if it is the right time for YOU, is to understand your specific needs, wants, and long-term goals. Do you NEED a place to live? Are you planning to stay in your home for at least a couple of years? (Most buyers live in their homes an average of seven years). Is owning your own home important to you? What payment can you afford monthly. Are you ready to maintain a home? Have you saved money for a down payment? Do you pay your current bills on time and have good credit?

Answering these questions will help point you in the right direction.

Once you have decided that homeownership is the right path, you call a qualified mortgage professional to get pre-approved for the mortgage. You will need to provide income and credit documents to determine the maximum purchase price range. Having a realistic goal of what you can afford and staying within the maximum payment guidelines is important in making sure that homeownership is within your reach and not a stretch for your budget.

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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