Thursday, 23 October 2014 00:00

Signs That You Are Ready to Buy a Home in Springfield, IL

First Time Home Buyers Springfield

Many first-time homebuyers in Springfield, IL, are enamored with new home models with the mini-bar in the game room and the sleek porcelain tile in the family room, but new home aren’t always in their price range. First time home buying can be a cake walk as long as you understand what you are getting for your money. Having your finances in order and being pre-qualified for a loan can make it easier for you to find a newly-built home or a newly-renovated older home within your budget. According to an article by Bankrate.com, there are several signs that indicate a person is ready to buy a home. By choosing a reputable Realtor who knows the Central, Illinois real estate market, you are going to have an edge.

You are ready to settle down

Experts say you aren’t ready to buy a home unless you can see yourself settling down for at least five years. Depending on your timing, you may be able to remain in the same home for more or less time. People who buy at the beginning of a housing boom often find they can realize substantial equity within just a few years, while people who buy before a housing decline may have to wait it out if prices suddenly drop.

You have been pre-approved

Most lenders won’t approve you for a loan unless you have the money for a down payment, good credit and an acceptable debt-to-income ratio. Fortunately, there are things you can do to improve each of those areas of your finances. Improving your debt-to-income can happen when you pay off car or student loans, which are fixed amounts. Also, boost the income you report on your taxes.

You have emergency savings

You may think you are ready to buy a home just because you have been pre-approved for a loan and have a steady job. But experts say there are other factors that come into play. No one requires you to have 6 to 9 months worth of money saved up in an emergency account before you buy a home, but it can provide you with a sense of security.

Real estate experts who have worked with first-time buyers say first-timers tend to be a little unrealistic about what they can afford. You know you are ready to buy a home when you have seen a good cross-section of new and resale homes in Springfield, IL, and the surrounding area. Your Realtor can help you take off your blinders so you know what you are really getting for your money and whether it’s a deal in today’s market.

At Jim Fulgenzi & Co., we can help you find a home Rochester, Springfield and any part of Central Illinois. For more information on home listings that are great for first-time homebuyers as well as step-up buyers, please contact us.

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Featured Testimonial

"You made sure to keep me informed on all of the issues involved and got me back in my old neighborhood, where I grew up. Thanks for a job well done. I'd definitely recommend you to friends and family looking for a reliable real estate agent in Springfield IL"

Erik W. - Springfield IL

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