Buying in today’s market has many advantages, and a few challenges. Because of this, now may be a great time for you to consider either purchasing your first home or your next home. And here’s why:
- There is a large selection of available homes – Keeping in line with a traditional buyer’s market, there is a nice selection of available homes on the market. Because of this, you can expect to see any number of homes that fit in your price range. Of course, this makes shopping for a new home much easier, and better ensures you will find exactly what you are looking for.
- Home prices are still very affordable – Although the recent trends show that home prices are once again gaining steam, they are still incredibly affordable, thereby allowing home buyers to buy more than they were able to just a few years ago. And, because of their affordability, first-time home buyers are now able to more easily enter the market.
- Only the best credit will do – Because lenders are now only interested in individuals with great credit, those home buyers who come to the table with a strong credit score can be assured of obtaining an attractive interest rate and a great home loan program. In fact, there are a number of fantastic home loan programs out there, both for first-time home buyers and existing home buyers.
Because there are so many advantages to buying a property in today’s market, it is important to understand that you have to bring a few things to the table:
- A nice down payment – Today’s lenders are requiring down payments, so it is important to have at least 10 to 20 percent of the cost of the home in the form of down payment cash. There are virtually no longer home loan programs that offer no-money-down options, but there are still attractive home loan programs nonetheless.
- Excellent credit – A solid credit score with an extensive credit history is required for today’s home buyers. Therefore, it is best to check your credit score before applying for a home loan to make sure there are no errors or discrepancies.
- A solid employment history – If you are thinking about purchasing a home, don’t make any job changes, as this could affect your ability to secure a loan.