Reminders if you are planning to buy a home
RICHMOND, Va. (WWBT) - A new study by NerdWallet found nearly 26 million Americans say they plan to purchase a home in the next 12 months.
Personal finance expert Elizabeth Renter with NerdWallet says the study conducted with the Harris Poll found that Americans are optimistic this year about home buying. “And when asked why they point to their personal finances, so things like increased savings, increased income and a better credit score,” Renter said.
Renter says a lot of that could have to do with the stimulus payments and child tax credits Americans received over the last year.
She added you may keep hearing about the national trends, how prices are high, and inventory is low, but make sure that’s really the case in your area.
Renter says if you are planning to buy you have to understand your local market. “So find out what houses are going for in the neighborhood you’re interested in. How many are on the market? How long are they staying on the market? and how many offers are they getting?” Renter said.
If this is the year you are finally buying a house, have your budget ready.
Know your limit, and how much you can afford to pay for a mortgage each month. However, Renter says whatever you don’t stretch yourself thin.
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