It is a pretty well established fact that today’s housing marketing is “unusual” to say the least!
Home prices are escalating at a record pace, and even with this happening, they are selling fast and above list price because supply is low. (Remember that Econ 101 class where they talked about Supply and Demand?)
As a result of the challenging market, many home buyers have elected to simply wait and consider buying later this year or in 2022.
If you find yourself in this boat, here are three wise financial moves to make while you wait it out…
- Stay in touch with your lender. When you are ready to jump back in to the market, you’ll have an easier time doing it if you have kept your mortgage application current. You’ll be able to take faster action, should that perfect home become available a few months from now.
- Be careful about financing large purchases. If you finance (or lease) a new car, take out any new loans, or make any large purchases on credit, it could affect your credit scores or your debt ratios (or both) and potentially keep you from qualifying for your dream home. Now is the time to save and avoid more debt.
- Take a close look at your credit. If you or your spouse have credit scores below 740, there’s a good chance that you’ll pay more for that mortgage loan when the time comes. A few months of credit repair and a few hundred dollars invested now could save you thousands of dollars on home financing. Since you’ve decided to wait a few months to purchase a home, it’s the perfect time to boost those scores.
Give our office a call and we’ll explain how simple and painless our program can be and answer any questions that you might have. We’re happy to work directly with your lender to make sure we put you in the best credit shape possible!