As 2012 closed, as a banner year for home ownership affordability, 2013 opens with news from Freddie Mac that this year buyers should expect to continue to see record low rates, and slowly increasing prices across the board.
In Ohio, state prices are predicted to increase between .45-2.38%. With record low rates, the “now is the best time to buy” theme continues. Taking the leap from being a Realtor.com browser/dreamer to an educated home buyer will involve prep work and diligence in 2013.
With tax time upon us, now is the time to put your tax return to good use! Cash flow is an absolute necessity when you are planning to purchase a home. Gone are the days when each step of the process can be financed and you can use your money to buy new furniture. These days, from earnest money to appraisal fees, money down and reserves (yes reserves) you’ll need plenty of cash on hand.
As always, the #1 best place to start your home financing process is with a qualified lender or National Association of Realtors member who can refer you to a list of qualified lenders. While it can be intimidating to put your cards out on the table so early in the process, guidance, these days is key. Your lender will have the most up to date information on loan programs, qualifying information, and current rates.
Good luck in your home search, make 2013 the year YOU take the leap!