There are a number of things to consider in asking yourself if you are ready to purchase a home.
1) How much will I pay in rent this year? This is an important question when considering to buy right now. If you are possibly going to give away over $15,000 this year to your landlord, you may want to think about putting that money in your pocket.
2) How long do I intend on being here? If you are on a long-term work assignment, or going to college in a different state, don't dismiss that you could own, even on a short term basis. Just because you sign on for a 15 or 30 year fixed mortgage does not mean you have to complete the term. Most people sell their home before ever paying off their entire mortgage loan. And what a savvy college student you will be that the equity you gained in your home over the 4 years in college, paid for most of your tuition.
3) How do I know if I will qualify to buy a home? This is one of the most nail biting questions potential buyers ask themselves. 'I want to buy, but I don't know where to start or even if I can buy.'
Find a person you trust and ask them to recommend a Realtor to you that you can ask some questions to. The best thing you can do is get with an expert who understands first time home buyers and all that this current market has to offer and let them hold your hand through the process. If you don't have anyone, you can click the Chat Now Button below and speak with me immediately.
My best advice: just don't wait until you've forked over close to $10,000 this year when you could've invested in you.