If you are a prospective buyer in the process of deciding when to buy and find yourself frozen with concern over the possibility of paying too much for a home, consider the following factors outlined below:
1. Prospective buyers should consider that waiting for the right time can mean the loss of valuable equity which could be being earned on their home. This should be considered in light of continuing to pay rent.
2. Work with a reliable lender and know your borrowing status. The lending market is a fickle one. Buyers that were considered well-qualified may now find themselves eligible for less since the lending industry has further tightened its standards over the past year.
3. Interest rates are increasing. Take into account that even if home prices decrease by another 10%, yet interest rates increase by just one percentage point, the monthly payment on your home would be the same.
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