Fall Homebuying Tips: Are you ready to purchase a home? Are you sick of rising rents? Are you concerned about inflation? I represent Main Line PA homebuyers just like you find the home of their dreams, and right now, believe it or not, is still a good time to buy a home. Yes, interest rates are rising, but they are well below the 2008 period, and guess where a great place is to keep assets during an inflationary period? You guessed it, real estate. Rents continue to be volatile and a great way to stabilize your housing costs is through a mortgage. Now that you have some background about why it is still a good time to buy, here are some questions to ask yourself if you are really ready to buy this fall. First, Do you have money set aside for a down payment? If you are looking at financing your home, you should set aside 20% for a downpayment. When you have have a significant amount of money in savings, it gives you more options. You can negotiate a lower price on the home by offering to pay closing costs, or you can make a down payment on the home to reduce your interest rate along with the monthly payments. Second, how is your credit? Obviously the higher the score the better, but between 620-640, which is a c grade, and 640-720 a B grade, and 720 and above is an A grade, but even C grade are still being approved with money down. Start monitoring your credit with any free app and start tracking where you can improve your score. Third, Is your work history steady? Outside of your credit history, lenders want to know that your work history is steady and income source secure. Steady income generally means you have been at the same job for 2 years or in the same industry for 2 years. Lastly, consider the home market you are buying in and if it is stable. The Main Line is an incredibly stable market for a number of reasons. It has amazing schools, great restaurants and culture, and the proximity to the cities cannot be beat. If you are not familiar with The Main Line real estate, I am an expert and a local born and raised in Gladwyne, I am happy to show you the best neighborhoods, up and coming areas, and instruct you on schools, since I also have two boys. Let me show you how great The Main Line is and then we can start looking for your new home. Let’s take this next step together.
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