Just when is a good time to buy a home? Do you feel you’ve achieved steady employment? Have you maintained a decent credit history? Do you really desire to own a home? Do you want more space to have to keep clean?

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.

The point is, there are things to think about before buying a home other than whether you have enough down payment. Actually down payment isn’t really an issue nowadays. Speaking of down payment, many first time home buyers look at how much they need down and try to figure out whether they can afford (or qualify for) what the mortgage payment will be.

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.

When you sell your property, most people hope their home has increased in value. the increase in value hopefully would cover the cost associated with buying and selling a property. A lot of it will depend on the current condition of the housing market.

If it all works right you will be in the home for at least 8 years. Most people do stay in their home as and averaged of eight years. This makes buying home a lot more economical in the long year.

Why? First, if you are thinking about delaying a purchase because you want to “time the market” to get the very best deal, that is almost impossible to do with precision. Even if you are in an area with declining market prices, the most knowledgeable experts cannot reliably anticipate the “bottom” of a real estate market.

You can always say that the market will come back after a decline. This is true, but you don’t really know how long it might take. It could be a very long time before we see the market to rebound.

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