Knoxville First-Time Buyers: What Should Your Home Buying Resolution Be?
With the start of the new year, people often make resolutions. Some choose to lose weight or eat healthier, while others make resolutions of things they want to accomplish. like buying a house or paying down debt.
If you’re planning to buy your first Knoxville home in 2019, you may need to do a little work before it’s time to buy your first home. In this post, we’ll cover 4 common problems first-time buyers face and resolutions to help make conquering those problems possible.
Problem: You’re Not Sure You’re Ready To Buy
You may be one of those people who is on the fence about buying their first home. Buying a home can come with many benefits, but it is not for every person.
Before you take the plunge into homeownership, you want to make sure that buying a home makes sense for you. You can do that by getting the answers that you need to determine if buying a home is ideal for you.
Resolution: Get The Answers You Need
It’s not always easy to determine if it’s time for you to buy your first Knoxville. There isn’t always a clear-cut answer. But, by getting the answers you need, you may be able to better determine if buying a home is the right decision for you. Oftentimes, Knoxville first-time buyers remain on the fence because they’re too afraid to get the answers they really need.
For example, here are a few of the questions that buyers are often too afraid to ask:
- Can I be approved for a mortgage?
- Will my mortgage payment be more than what I’m paying in rent?
- Can I afford the house I want?
- How much will I need to put down in order to buy a home?
Before you make the decision to buy a home, you need to get the answers that will provide you with the confidence and peace of mind to buy a house. The answers you get may provide you with comfort or they may make you determine that buying a home right now doesn’t make sense for you. Regardless, you’ll be able to know one way or another.
Keep in mind, it will be you that ultimately has to determine if it makes sense for you. If you intend to buy a home, you want to have a stable job, dependable income, and plan to stay in the same place for a couple of years.
Problem: You’re Waiting For The Right Time
Many first-time buyers spend too much time waiting for the right time to buy their first home. Trying to time the right time to buy a home is never a good idea.
You’ll find yourself so focused on timing the market you may find that you miss out on the right home. It’s the right time to buy a house when you’ve got the motivation to do so.
Resolution: Make A Move In Early 2019
Instead of hanging around waiting for the right time, if you’re serious about buying a home in 2019, consider making a move early in the year. You’ll get yourself a better deal and face less competition if you make a move in early 2019.
At the end of 2018, the Federal Reserve hiked interest rates. It was the fourth time in 2018 that interest rates increased. Interest rates are expected to continue to rise in 2019, so if you’re worried about interest rates rising, it’s better to buy sooner rather than later.
Problem: You Don’t Know What You Can Afford
When you think about buying a home, you need to know what you can afford. Without that information, you’re starting your home search off blind. Not only could be looking at homes that are out of your price range, you could also find that you’re not currently in a situation where you can buy a home at all.
Before you kick off your home search, talk with a loan officer and get pre-approved, it will make sure that you start your home search on the right foot.
Resolution: Get Pre-Approved
Before you even think about looking at homes, get pre-approved, not just pre-qualified. A pre-approval fully prepares you to buy a home. In order to get pre-approved, you’ll have your credit pulled and all of your income verified, that way you can be confident that you’ll be approved for a loan.
Talking with a loan officer before you start your home search will also make you a more confident buyer. You will know what you can afford and what loan type you are eligible for. This can be important since there are certain loan types that may determine what type of property you are able to buy.
Problem: You Can’t Buy A Home
Finally, there are certain time where you may desperately want to buy a home, but find out that at the current moment you’re unable to buy a home. There is nothing more heartbreaking than finding this out. But, it doesn’t mean that buying a home is a lost cause.
Oftentimes, when you cannot buy a home, it just means that you may need to work on improving your credit or paying down some debt. The more you focus on doing this, the sooner you may find that you’re able to buy a home.
Resolution: Get Your Act Together So You Can Buy A Home
Do you really want to buy a home? If so, it may take a little bit of work to do so, but that doesn’t mean that it will be impossible. The most important thing you can do to help conquer this problem is to find out what is making it hard for you to buy a home in the first place. Talk with a loan officer about what you will need to do in order to be able to buy a home.
Be sure that you have a clear understanding of what needs to be done. This will give you a better focus of what needs to be done in order for you to be able to buy a home. The more of a game plan that you have, the easier it will be for you to be able to buy a home sooner.
Are you thinking about buying your first Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com or by phone at 865-696-9002. Kati can be reached at Kati@KnoxvilleHomeTeam.Com or by phone at 865-392-5880.
You can also start your home search off today on our Knoxville Home Search Page.