Just when is a good time to buy a home? Do you feel you've achieved steady employment? Have you maintained a decent credit history? Do you really desire to own a home? Do you want more space to have to keep clean?
How about yard work? Be prepared to have at least a small lawn to maintain, unless you move into a condo where you don't have to maintain any yard or amenities, or move into the city where the only grass you see is a tiny bit creeping up from the cracks between the concrete, no wait, that's a weed! I'm getting off track here, sorry.
You are really going to need to think this whole process out. Besides the things that will need to be fixed. Their will all so be the requirement now for a down payment in order to get the home loan. Their will all so be the problem of figuring out what your monthly payment are going to be. This will need to be one of the first things to figure out.
You want to figure out if you are going to be moving any time soon. If you are you very well might not be able to. It may be that the sales commission and closing cost for your purchase of the property will be added to your loan amount. The house value might not have increased enough to cover this cost.
Most owners rely on home appreciation to pay those costs and to provide the down payment and closing costs when they buy their next home. So buying a home when you expect to move before too long is a risk, especially in an uncertain market.
Hopefully you will be like most buyers. You will stay in the home for a least seven years. This make the home buying experience a lot more practical. Usually you would want to own rather than rent a home.
You need to think of a home as a long term investment. It is very hard to have your home in a short period of time. In the long run it is a lot more easy. You don't want to try and gamble on the market. This is a good way to loose a lot of money. It is to hard to predict the housing market with any kind of accuracy.
Their is really know way to predict what the market is going to do in the future. Some people like to say that the market has always rebounded in just a few years. the problem is no one knows if we are at the bottom yet. Or when the rebound is going to be.
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