When Is A Good Time To Buy A House?

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Who doesn't want a good deal? You want the most bang for your buck and I understand it which is why you're asking the question "When is it a good time to buy a house?"


The answer is WHENEVER YOU'RE READY!


We are in the middle of pandemic. If you're high-risk, are you going to be okay touring homes right now? You'll be in and out of strangers' home. Some people care and some people don't. Yes, you can use technology to your advantage but most buyers want to see the house they want to buy in person. Only you can answer that. 


Is your job secured? If you are one of the many people concerned about losing your job, do you think it would be a good idea to shop for homes right now? Job security means income stability. Income stability that would allow you to keep your home once you've purchased it. I would love to get you into your new home of course, but I want you to be sure that it is the right decision for you and more importantly, I want you to be able to keep it.


How about if you have kids? If you have a junior attending a school in San Diego and you want to move to Temecula to be closer to work, would you move them right now or would you wait? I certainly know a few people who postponed purchasing a home because of this.


How much debt do you have? Did you just buy a car and a boat among other things. If your debt to income ratio is high, you may not be able to qualify for a loan.


Have you saved enough money for down payment? The interest rate could be at a historic low but if you do not have enough money for down payment, you may not be able to qualify for a loan? If you're planning on taking advantage of the down payment assistance program, do you know for sure if you qualify for it?


Let's say you do have the down payment. Did you also think about how you're going to pay for closing cost? You can negotiate for the seller to pay for closing cost but in a multiple offer situation, an offer asking the seller for concession may not be the most desirable offer to accept.


What is your FICO score? How good are you at paying your commitments on time? If your score is in the 500s, most likely, you won't be able to find a bank who would be willing to lend you money to buy a house. Some lenders even raised their required FICO score during the pandemic. 


Let's talk about interest rate. What's your interest rate? Just because a company sent you a letter with a heading "2.99% Interest Rate!" doesn't automatically qualify you for it. Read the fine print. The lower your interest rate, the higher the loan you may qualify for. There are multiple factors that affect your rate.


YOU would know when you're ready to buy a house. It's not the typical answer from a Realtor but it's the most honest answer I can give you. When it's time, when you're ready, I will be here. I will take care of you and I will have your best interest at heart. 



Note:

If you or someone you know is looking to own, sell or invest in real estate in Canyon Lake - Menifee area and the surrounding cities, I'd love to help! 


Angela Carpio, Realtor

6192285034

AngelaCarpioRealtor@gmail.com

http://www.angelacarpiorealtor.com/

#angelacarpiorealtor







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