There are lots of eager would-be buyers out there. It’s no wonder why! The market currently offers many ideal buying conditions. Interest rates are still at historic lows (for those with excellent credit). Home prices are extremely affordable when compared to area median incomes. There is a large supply of homes available in most markets (more homes to choose from and buyer advantage at negotiations). Yet, the questions remains. Are you ready to buy? Take a moment to answer this quiz:
Am I Ready to Buy?
1. What is your credit score?
(a) less than 620
(b) between 730 and 850
(c) between 620 and 730
2. Do you have downpayment?
(a) how much?
(b) yes
(c) not yet, but we’re working on it.
3. Have you been pre-approved for a mortgage?
(a) I figured I’d find the house I like first
(b) Yes, and I have a copy of the letter
(c) I played around with forms online.
4. Is your job
(a) temporary, part-time
(b) full-time and secure
(c) full-time, but our company is experiencing lay-offs.
5. Do you plan on staying in your current city for the next 3 to 5 years?
(a) I won’t be here for that long
(b) Yes, most definitely
(c) I’m not sure.
6. How much space do you need?
(a) I want a mansion. I’ll take nothing less
(b) We know within about 500 square feet
(c) we’ve given it some thought, but aren’t sure
7. Why do you want to buy?
(a) I want a place i can show off
(b) I want stability for my family
(c) I want to take advantage of the low prices and have a payment less than my rent!
Now is a great time to buy your home. Let's sit down and go over your plan....
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