Should I Wait To Buy Property in Alameda County?

Buy now or wait, ask this instead: Is it a good time in my life to purchase a home in Alameda County?

Real estate market trends give important context. However, whether this is an excellent time to buy a property in Alameda County also depends on your life goals, financial situation, and preparedness to become a homeowner.

Before contacting a mortgage broker in Alameda County, here's what you should consider.

Should I Purchase a Property Now?

This fall season could be the perfect time to buy a house in Alameda County for a few key reasons.

First, there tend to be fewer home demands during autumn. Most parents want to be settled before school starts and aren’t house hunting. Sellers are aware of this and are more determined to unload their properties if they have to move immediately. You can probably encounter homes with lower prices because of sellers’ desperation, and they’ll be more willing to negotiate with you.

You may also be able to get a cheaper loan now than you could in the upcoming months. Mortgage rates are much higher now than rates from previous years, so you may not get a lower mortgage rate for a while than what is currently available. 

Rates are likely going to continue to rise. The Federal Reserve may increase interest rates again to help curb inflation, which could cause rates to skyrocket.

So, if you want to purchase a home soon, now might be the ideal time for you to do so before interest rates continue to rise and while there’s still a reasonable amount of inventory. 

You can always ask us for advice if you still have second thoughts.

Do You Have Excellent Credit?

Before applying for a loan, you must review your credit report and score. The best loan deals will be accessible to borrowers with FICO scores of 740 and above. If you can show lenders that you’re a low-risk client with a history of on-time payments, you’ll be granted access to the best mortgage rates.

Do You Have Enough Money for Down Payment?

Have you been able to save enough cash for a down payment? If you have a large portion of your money at your disposal, this can make a massive dent in your down payment. Make sure that you’ll have extra cash, though. Lenders are more at ease if a borrower has additional cash reserves that can be used if something unexpected happens.

If you’re convinced to purchase a house now, search for the best Pleasanton, CA, home loans available.

The Bottom Line

Trying to purchase a home now can feel overwhelming, but waiting too long can have consequences too. Before buying a house, you must review your finances and look around the area you want to settle. Once you decide, contact an experienced real estate agent to help you find the best property available.

If you’re ready to purchase a house, contact mortgage experts from Lux Funding in Alameda County to start the loan application process.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.