Should I sell or buy myself (FSBO)
Seriously consider this question: Are you really ready to buy a home?
It's an expensive, long-term commitment. If you change jobs or the neighborhood declines, you can't quickly get up and go. Selling a house can take months and cost lots -- likely 10% of a home's value -- in agent fees, closing costs and moving expenses.
- Do you plan to live in your new home at least three years?
- Are you financially prepared? Steady employment, a good credit score and a 20% down payment are needed to obtain the best mortgage rate.
- Is it the right time to buy? If area homes have experienced huge appreciation over the past five years, prices are bound to return to a more affordable level.
- Don't count on your home to be a great investment. Historically, the stock market outperforms real estate as a hedge against inflation.
Once you're ready to take the plunge, figure out what you can afford. Many lenders prefer that your housing costs -- mortgage, property taxes and homeowners insurance -- amount to no more than 33% of your monthly gross income.
For any comments or concerns send an email to: wikirealestate@gmail.com