By now you’ve seen tons of news stories and there’s talk all around that now is the best time to buy a home because of a combination of historically low interest rates and historically high appreciation. Even though inventory is low, waiting to buy a home can mean you’ll pay more in a year or two. Read more about that in one of our previous posts here. Even with all the buzz and pressure to buy now, it’s important to remember that YOU get to decide when it’s the best time for you and your family to purchase a home. And if that time isn’t now…go with your gut and wait. But don’t waste this precious time. Take the following steps NOW so that when your time comes, you are in the best position to purchase a home you love.
Start Saving that Down Payment
Our friend and fellow Realtor® Hillary Hall gave us a great tool for saving $10,000 in just a year. We call it Savings Bingo, and each week you choose one box and transfer that amount of money into your savings account. It breaks up the year into 52 week chunks, and allows you to save more some weeks and less other weeks. We really like this option. Take a screen shot 📲 and start your Bingo card today!
Work on Your Credit and Reduce Your Debt
According HUD (The Department of Housing and Urban Development), the average credit score of first-time home buyers is 716. If you’re not sure what your credit score is, download an online tool like CreditKarma and find out! If your score is at or above that average, you’re in good shape…just maintain it. If you’re below, it’s not the end of the world. That’s why you’re taking this time to prepare for a purchase. Reduce your debt as much as you can, take care to pay bills on time, and be careful using your credit card. Also keep credit inquiries to a minimum and avoid opening new lines of consumer debt.
Come Talk to Me
I know, it seems like jumping the gun to talk to a Realtor® a year or more before you plan to purchase. But part of my job is to help my clients reach their real estate and personal wealth goals. It’s what I love to do, and I want to help you prepare as much as possible. I have a network of experts on-hand including listing agents, lenders, title companies, contractors, and vendors that can help you understand everything you need to consider when purchasing your first home. We can help you determine what you can afford, and how you can get pre-approved when you’re ready. With the right tools and assistance, you can do this. Click here to contact me now.
Get started by talking with our preferred lender – we can all sit down together and chat about your next steps so you are waiting actively and intentionally.