Ready to Buy a House: Financial Things to Consider

by Ryan Arnt 06/28/2020

Few things are more exciting than buying a house and making it your home. Knowing when it’s the right time to buy derives from your personal circumstances, but some external elements and market realities affect when it’s right to buy too.

Here are some of the things that can affect your decision to purchase a home, and the timing to do it.

Interest rates. Right now, interest rates are low, making housing affordable. Keeping an eye on rates can save you money. You can get pre-approval for a mortgage that locks in a low rate, so check out the programs offered by various lenders to see which one has the most useful option for you.
Inventory levels. Listed homes in your area that fit your budget, and your criteria, ebb and flow. Develop a relationship with a qualified real estate market specialist to keep tabs on inventory levels, so you know when to buy.
Increased prices. Supply and demand drive up prices, so if prices begin to increase it may be time to step into the market. Again, your real estate agent can keep you apprised of price fluctuations in the market.
Income levels. You might simply be waiting for a promised raise or that bonus to plump up your down-payment cache. When that’s the case, notify your agent of your expectation and the timing so that they begin looking for you just ahead of when you’re ready to make the purchase.
Income tax refunds. Although using the IRS as a savings account is a poor financial strategy, sometimes, you end up with a bigger refund than you’d anticipated. When that happens, and you receive the extra funds, it might be time to make homeownership a reality.
Investments. When an investment gives you an unexpected return, it might be time to reinvest it into a home.

If any of these are true, you may be financially ready. When making any financial decision—especially huge ones such as buying a home—it's essential to contemplate the reason behind your decision. What do you believe a home provides you? How does it fit into your future goals? Are you willing to tie up your funds in a non-liquid investment? Are you prepared to handle the maintenance? Do you have time for upkeep?

When you feel positive about your answers, reach out to your agent for advice, and to start looking for your new home.

About the Author

Ryan Arnt

Having provided award-winning service to my clients for the past 26 years, few other REALTORS are trusted like I am. My clients trust my advice, and they know that I will always look out for their best long-term interests. You can expect, and you will receive, personal service that is second to none. When you hire me as your Agent, you will work exclusively with me. I will personally answer your calls and respond to your messages. My promise to you is that I will not hand you off to another member of my team.

I have called Southwest Michigan home for 40 years. My mother's family ran a local locksmith service, and my father served as the Chief Investigator for the County's Prosecutor and Director of Security for the Whirlpool Corporation office for many years. I love all that this area offers, and I enjoy serving the buyers and sellers who are moving in or out of
Southwest Michigan.

My wife and I have two children, and we would not want to raise them anywhere else. Between the award-winning schools and the plethora of youth activities available in Southwest Michigan, it's a great place to call home. We enjoy spending time with friends at the beach, boating, golfing, hunting, skiing in the North, and fishing.

I give back to the community that has been so good to us. Currently, I serve on the Lakeshore Public Schools Foundation Board (LEF), as Past President of the St. Joe Kickers Sports Club, and as a Rotarian in the Stevensville-Lakeshore Rotary
Club. We donate throughout the year to various local organizations, schools, Fine Arts Programs, and youth sports groups.

I want to leverage my experience and knowledge to benefit you. I have sold over 700 properties and earned the respect of my fellow REALTORS, who have voted me "REALTOR of the Year." I am confident I can earn your trust as well.

Looking to buy, sell, or invest in real estate? Allow me to serve you, and I promise you will not be disappointed.