Buying a home is an exciting time! When you make a decision to buy a home, it’s not just about the cost.

Important things to factor in are lifestyle, comforts and access to schools or recreational activities you enjoy. If you’re currently renting, calculate the numbers on what it costs to rent vs buying a home. Lenders will tell you to be conservative and figure no more than 28% of your income for a mortgage payment, including taxes and any insurance. They’ll also suggest other debts should not exceed 14% of your income.

Should you wait or jump into the market? There are risks in either choice. The market can go down causing you to be “underwater” for awhile. If, during that time, you need to sell, you could have a problem getting what you owe. But, if you wait, the market can go up, which can cause you to be “priced out of the market” and unable to afford what you could afford now. What you could buy now will be more expensive if you wait and the market rises. If you do decide to jump into the market, and then prices increase, you’ll have gained instant equity….not to mention the tax breaks you’ll receive as a homeowner!

Although there’s no way to predict whether our local market may increase or decrease, I’d be happy to help you evaluate what may be the right choice for you at the current time. I know many lenders with various programs to help you get the right loan for your family. Rates are still historically low and prices are where they were nearly 10 years ago.