If you are contemplating the purchase of a new home, you might be wondering if it’s really a good time to buy. While the economy is looking up and the Farmerville LA housing market has improved substantially, there are other factors to consider when thinking about whether or not to buy a house this year. The following information and tips might help you make your decision.
If you plan to apply for a home loan, you’ll be glad to know that interest rates are definitely encouraging. If you have great credit and are planning to put down a healthy down payment, you might qualify for an interest rate as low as 3%. You’ll want to discuss your home-buying plans with your bank and find out more about going interest rates. You might also consider getting pre-approved so that you know exactly how much money you have to work with.
Home prices are very attractive to buyers these days. While they may not be as low as a few years ago, they are in a buyer-friendly range today. If you are looking for a home in the Farmerville LA region, you’ll find many affordable options with the multi-type features that many buyers are looking for. Although it is a buyer’s market these days, don’t necessarily try to time your purchase with what’s happening in the housing market nationwide. If you have the means and it’s the right time for you, that’s probably the most important criteria when home buying.
Assess Your Circumstances
Buying a home with a 30-year mortgage is a big commitment. While life will always have its twists and turns, it’s important that you have a stable income when purchasing a home. In many instances, your house payment might even be cheaper than your rent as there is a rising-rent trend going on right now. So, if you have a stable job and a down payment, you might find that this is a great time to go house hunting.
If you are ready, it is a good time to buy a home, particularly before interest rates begin climbing up as they are predicted to do. You’ll want to purchase a house that you can afford, naturally, but you’ll also want to ensure that you have enough income left over to handle household repairs as they arise and your other monthly bills. If your budget approves, you should talk to your bank about pre-approval and get in touch with your realtor.