Are you a renter, wanting to fire your landlord for good? Or a seller wanting to sell and perhaps, move up or down size? I bet, you've been listening to the media and you wonder if this is a good time to buy or should you just wait?
No one has a crystal that will tell us what the future holds for real estate, so let's just take a look at how things are right now:
1. The rates are good, as long as you qualify.
2. Home prices are coming down.
3. Due to the higher inventory levels, you have more choices.
4. Due to the mortgage crisis, lenders have tighten their credit guidelines. A buyer who qualified for a mortgage two years ago or even a year ago, may not qualify now.
Have the prices hit bottom yet? I don't think so. Should you wait to buy until they do? That depends on you and your family's situation. If you're looking at this strictly on an investment stand point and you're wanting to buy a house and in a year or two resale it, you may want to think long and hard. You may not have the equity you need to profit from it. Now, on the other hand, if you're wanting a home to raise your kids in, enjoy your golden years, make memories with your spouse or partner and this is a long term investment, now can be your time.
Your first step though, is to find out if you can qualify for a mortgage.
Pre-qualified vs pre-approved
You may or may not have heard of the terms pre-qualified and pre-approved. Pre-qualified is something you can do right over the phone with a lender. They will want to know what your income is, time on the job, debts you may have, just basic information. Based on the information you give them, the lender could give you a letter stating you qualify for 'x" amount of mortgage, but only if you meet additional criteria. Sounds good so far, but don't start doing back flips just yet.
You goal should be to get pre-approved before you even start doing house shopping. Pre-approval means the lender has checked your credit, collected documents verifying your employment and income, as well as other documents that particular company requires.
Just in case, you get a red flag, due to credit issues, please read a blog I wrote about credit repair companies.
If you're given the green flag to go out and grab your piece of the American dream, I want to stress the importance of learning from the mistakes of others. I'm sure you've been taking notice of the situation homeowners, have found themselves in recent months.
Article continued at Jacksonville Real Estate
Your Jacksonville Florida Real Estate Agent, Pam Graham 904-910-3516
Vanguard Realty, GMAC Real Estate
Come find your dream home in Jacksonville, Orange Park and surrounding areas in Northeast Florida.
Pam lists and sells homes in Jacksonville, Orange Park, Green Cove Springs, Fleming Island, Middleburg,Ponte Vedra, Atlantic Beach, Neptune Beach, Jacksonville Beach, Orangedale, Fruit Cove, Switzerland and St Johns County Florida.
Are you facing foreclosure? Call Pam at 904-910-3516 to discuss your options.
Pam Graham with All Real Estate Options handles Jacksonville Florida short sales, Orange Park Florida short sales, Fleming Island Florida Short sales, Middleburg Florida short sales, Green Cove Springs Florida short sales, St Johns County Florida short sales, Ponte Vedra Florida short sales, St Augustine short sales, Palm Valley short sales, Duval County Florida short sales and Clay County Florida short sales.
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Mortgage Assistance Relief Services Disclosure
ALL Real Estate Options is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
