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Should I Buy a home right Now?

Maybe you're looking at all of the real estate ads touting below-market prices and you're wondering if you should jump in. These prices and awesome interest rates won't last forever, so maybe it's time to strike while the iron is hot -- right?

Well, yes...if you can afford it. A big reason why the housing bubble got inflated is because mechanisms were installed by banks that allowed people to purchase homes they really couldn't pay for. When the bubble burst, it hurt everyone involved. You don't want to repeat that mistake.

Before you look at buying a home right now, regardless of the type of bargain you find, you must answer the question: can you afford to buy a home right now? It doesn't matter if the purchase is for a primary home or a second/investment home; if you can't afford it, you should stay away.

Now, how can you tell if you can afford it? It's pretty simple; is your job stable? Is your spouse's job stable? What is your monthly income? What are your assets? What are your expenses? Are you preparing for any major life changes (children, moving, career change, education, etc.)?

If you've weighed all those factors and decided that things are stable enough to invest, then it's hard to argue with today's mix of great interest rates and availability. Remember, many banks these days prefer a significant down payment -- and if you go after a home in a foreclosure auction, you'll need to pay cash.

But if you've got the resources to do this, then now is as good a time as many. Just make sure you don't overstep your means or put yourself in a situation you can't get out of.

Israel Gonzalez

Real Estate Broker



Click here to contact me by email.

The views published here are the opinions of the writer and are not a substitute for legal counsel.


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