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January 19, 2008
When's the Right Time to Buy a Home
So, you are thinking about purchasing a home, but are afraid to make a move in
this slow housing market. Here's some advice:
No one should recommend trying to find the exact time to plunge into the housing market, just as they shouldn't
recommend an exact time to enter into the stock market. It is probably unrealistic to think that you are going to buy a home
just as prices hit their lowest. Even if you are able to nail down the exact time to buy your home, just as prices are on
the verge of rebounding, by the time you find your home, get a loan, and close escrow, that ideal time may have passed you
by.
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When searching for your new home, begin with searching areas you desire to live in, which will enable you to gain perspective on
the current state of the market and where it may be headed. There are many factors that will come into play. Markets vary
from market to market. What you hear on the news is the national market, which overall may be doing bad, while specific areas
are growing. Foreclosures, employment, and inventory volume all come into play in the market's recovery.
Also, drive through the neighborhoods you are interested in and take note on how many for sale signs you see. In addition,
talk to a real estate agent. Ask them what concessions are being offered by sellers, the average time homes are staying on
the market and what price they are actually selling for.
Then make sure to contact a mortgage lender to see what kind of
loan you can qualify for. Since the subprime downcast, lenders, in particular, have stricter documentation guidelines. Make sure
to have access to current tax returns, statements for investment and savings accounts, and current paycheck stubs.
Opportunities like these, the current state of the market, comes around once in awhile. Relax, breathe, do your homework and
take advantage.
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