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How do you know if its a great time to buy a home? When you have a great job? When your credit score is really high? When you have a family? Do you really want the new responsibility of owning a home?

How about yard work? Be prepared to have at least a small lawn to maintain, unless you move into a condo where you don’t have to maintain any yard or amenities, or move into the city where the only grass you see is a tiny bit creeping up from the cracks between the concrete, no wait, that’s a weed! I’m getting off track here, sorry.

Their will be a lot of items to think about when buying a house. Besides how you will come up with the money for the down payment. Now the lenders do require some sort of down payment. You will all so need to figure out what you going to be able to pay for a monthly mortgage payment. But as you can see their are a few things to figure out before you buy.

You want to figure out if you are going to be moving any time soon. If you are you very well might not be able to. It may be that the sales commission and closing cost for your purchase of the property will be added to your loan amount. The house value might not have increased enough to cover this cost.

Most owners rely on home appreciation to pay those costs and to provide the down payment and closing costs when they buy their next home. So buying a home when you expect to move before too long is a risk, especially in an uncertain market.

Hopefully you will be like most buyers. You will stay in the home for a least seven years. This make the home buying experience a lot more practical. Usually you would want to own rather than rent a home.

Don’t every try and predict what the market is going to do. This is just like gambling. usually the odds are all ways in the house favor. You can get into a lot of trouble trying to predict what the house is going to do in the future. that’s why you want to be in real estate for the long run.

Their is really know way to predict what the market is going to do in the future. Some people like to say that the market has always rebounded in just a few years. the problem is no one knows if we are at the bottom yet. Or when the rebound is going to be.