Buying a Home in a Weak Market
The purchase of a home is a major financial commitment. The weak real estate market means you should exercise even more care. Don’t let excitement about buying your dream home cause you to forget following these tips.
* Before you start, analyze your expenses and decide how much you can afford to pay for a home. Set an upper limit for your home’s purchase price and don’t exceed it.
* Consider how your down payment will impact your home’s financing. Expect to put down at least 10% to 20% of the purchase price.
* Familiarize yourself with housing price in the area.
* Choose a home you’ll be comfortable living in for several years.
* Sell your current home before buying another home.
* Consider resale value while you are purchasing.
* Get a professional inspection.
* Review your options before selecting a mortgage.
February 16, 2009 at 8:57 AM
Are there still options for no-down loans? I keep hearing stuff on the radio and TV, but not sure if they are scams.
February 21, 2009 at 9:11 AM
Hi my name is Jan McNair. I am an agent with Prudential Nichols. WE sure could go to a loan officer and get you pre-approved to see how much if any money you would have to pay down. If you are a first time buyer you could use the $8000 tax credit toward your downpayment and other option may also be available. You may call me and we can check out your options. Jan McNair 251-610-0094 thanks
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