Here are some signs...
- You have been looking at homes for sale on the Internet and at open houses for so long that you almost feel like a Realtor.
- You are ready to to stop dreaming and start searching for a home to actually buy.
- You know that no home is perfect, but are ready to find the one that fits you the best and embrace it warts and all.
- Your credit and finances are in order.
- You are ready to get pre-approved for a mortgage (if you aren't already) and you know where your down payment is coming from.
- You have a steady income and have budgeted not only for your mortgage, taxes and insurance... but also for utilities, maintenance and unexpected costs of homeownership.
- You know how long you plan to stay in the home you buy... and have a contingency plan if those plans change.
- You recognize that it is possible prices could go down a little more but are still at bargain prices from 10-15 years ago.
- You want to take advantage of the lowest mortgage interest rates in history and recognize that if prices were to drop 5% you would save $10,000 on a $200,000 purchase; but if interest rates increase from 4% to 6% you will pay nearly $78,000 more in interest over the life of a $200,000 loan.
- You understand that prices and mortgage interest rates are combining to create a 'perfect storm'... likely making this the best time in our lifetimes to buy a home.
Sharlene Hensrud, RE/MAX Results - Twin Cities Buyer's Agent