Real Estate: Tips for Timing Your Purchase

While you’re trying to decide when the best time to buy real estate might be, line up a team who can help you accomplish your goal when you decide to move forward. You can do this by researching online, attending open houses in the area and asking a real estate agent to keep you on top of market fluctuations.

Your decision to buy should be based on your personal financial situation, not on the national or global economy.

If you’re a home buyer, make sure you have job security, a relatively healthy economy in your local area and a plan to stay put for at least 10 years.

Good economic news will help fence-sitters make the decision to get serious about moving. Bad news of any sort can cause the market to stall.

Find a good local real estate agent to work with who understands your needs, and wait to buy until the time is right for you. It could take you a year or so to make the final decision. Some agents don’t have the patience to stick it out.

One of the most difficult aspects of the current home buying process is financing the transaction. Find a mortgage broker who is a real professional, has been in the business for years and who understands what current underwriters will require from you to process your loan.

Assemble all the financial documents you’ll need for loan approval even before you start looking. Ask your real estate agent or broker to have your loan package previewed by an underwriter so you know beforehand if there are any problems.

Take care of any possible closing issues in advance so they don’t cause last-minute delays in closing. Your real estate agent can help you with this area.