Buying a home is undoubtedly one of the biggest (if not the biggest) financial decisions you will make in your lifetime. Often associated both with excitement and uncertainty, it’s a decision that certainly requires significant amounts of time, effort and confidence (okay, and money). But as they say, the first step is always the hardest. So with the help of the Home Buying Institute, we compiled a short list of signs that will help you know whether 2011 is your year to buy.
You’re doing your homework. You have taken the time to research the local housing market for your current (or future) city. Was the market in the majority that bottomed out during the housing bust, or was it lucky enough to stay relatively stable? Keeping track of recent trends and current conditions will only help you try to predict how the coming year will play out and to find the home of your dreams.
You’re an expert at mortgage options. Okay, so you don’t have to be an expert—but you’ve assessed your short- and long-term plans and have decided whether a fixed or adjustable rate mortgage is best for you. If this home is to be yours for the long term, consider the fixed rate; if it’s a shorter-term investment, it may be worth the calculated risk of an ARM.
This is the right move. You’ve considered all other options, and the thought and logic behind owning your own new home is the best decision for you at this time. The thrill and excitement of owning your own home matches perfectly with the house you have chosen!
Again, there are many other signs that can help you decide whether 2011 is the right time to buy for you. Are you planning to buy in 2011? If so, what factors helped you make this decision?