1. Download a mortgage calculator to your phone so you can do math as you look at houses. And! Don’t forget to calculate property taxes!
Mortgage Calculator Link: https://myhome.freddiemac.com/resources/calculators.html
2. Evaluate what your long-term needs will be once the pandemic is over
Think through how long you plan to stay in a home, which schools are around you if you have children, or if you want to be close to your family or parents.
3. Can I afford to wait? Will interest rates rise?
Interest rates aren’t expected to skyrocket overnight and housing prices are expected to remain higher. Waiting may benefit you if you don’t want to enter bidding wars.
4. Are you prepared for a bidding war?
Expect to come up against many competing buyers. Be careful to monitor your budget as it is easy to get swept up in “bidding to win.” Make sure you buy a house that is a sustainable choice for you in the long run. Don’t regret winning the bidding war and buying a home beyond your means.
Article link: https://www.wsj.com/…/how-to-buy-a-home-2021-how-much-house…
