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Are you stuck on the fence?

November 16, 2012

Everyone knows that with home prices and interest rates at an all time low, there couldn’t be a better time to buy a home, but is this the right time for you?

To decide if you are ready for homeownership, first look at your credit health. Even though mortgage rates are at historic lows, loans are more difficult to obtain, so it helps to have good credit and a down payment in hand before you apply for a loan.

Are you ready to stay in one place for awhile? To build equity in your property, you should plan to live in your home between 5 and 10 years.

Are homes truly affordable in your area? Compare the cost of owning a home (price, maintenance and taxes) to the cost of renting.

Prices and interest rates shouldn’t always be your primary motivation. Important life changes are more meaningful reasons to choose homeownership. Be sure to consult with your REALTOR®, if you feel ready to be a homeowner.

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