Thoughtful Buyer

Are you a thoughtful buyer who has planned for a purchase now?

Home prices in the St. Louis region declined 1.07 percent in February from a year ago, excluding distressed sales, according to Core Logic, a provider of financial, property and consumer information. Despite the decline, this is much less than previous years during this volatile market. Mortgage rates, on the other hand, have risen a bit in the last few weeks.

So as a buyer, what do you do? Wait until prices go down even further and mortgage rates go down too? (Those rates are still at historic lows). We don’t see hedging your bets as the most logical path to home ownership.

Buying a home right now is a very personal decision and not one to be taken lightly. Buyers who are the most successful right now have given a lot of thought to the process and considered their financial situation, now and in the future.

If you are considering buying this season, have you:

  • Saved at least 3.5 – 5% for a down payment? Remember, cash is king these days. Look beyond the purchase price to closing costs and what you may need for maintenance and emergencies.
  • Been honest about what sort of monthly payments you can afford at current interest rates?
  • Kept your credit score up to date with no blemishes?
  • Researched where you want to live and why?
  • Not rushed into your decision to purchase property?
  • If so, you are the type of buyer who will benefit from current market conditions and enjoy homeownership for a long time to come.