Are You Really Ready to Buy a Home?
I decided to re-post this article that I wrote quite some time ago. Given the difficulties in this market, with short sales and foreclosures (REOs or bank-owned properties), knowing if you are really ready to buy is critical. Not everyone is prepared for what they have to deal with when buying a home.
And certainly being financially able is essential or you are wasting your time.
One question to ask yourself is if you are REALLY ready to buy or are you just looking right now? While you may be thinking you are ready, your behavior may suggest the time is not quite right.
The questions below will help you determine if you are truly prepared to buy…emotionally, psychologically and financially.
- Will you be paying cash or have you arranged for financing?
- Do you have a house or condo to sell?
- Do you have a lease you can break or are you tick for an extended period of time?
- If you went out today and found your dream home, what would you do?
- Do you have a good idea of what you are looking for and what you are willing to trade off?
- Why do you want to buy a new house? Do you have some good reasons (space, financial psychological) for wanting to buy?
- You know yourself better than anyone. Can you HONESTLY say (and look yourself in the face in a mirror!) that you are emotionally, psychologically and financially ready to go? This is a tough one for the first time buyer, and an “unsure answer” or “I’m scared” is perfectly alright since it’s a bit step and being nervous about it is to be expected.
- How well informed are you about the market in terms of inventory, pricing, marketing time, interest rates, etc.? It’s hard to get started on the process if you know nothing about it or the local market.
Visit my Savvy Buyers Page to download the “Buyer’s Lifestyle Questionnaire” and my “What’s Important to You in Your Home Search Questionnaire.“
Visit my Real Estate Consumer Blog at Carlsbad Real Estate News for lots of information about the general area
All content copyright © 2010 Jeff Dowler “The California Relocation Dude”