Video Reference: If You’re Looking To Buy a Home within the Next 6-12 Months

Are you looking to buy a home for the next 6-12 months? Or, are you afraid to buy a home because of our current housing market situation?

Many of us have seen this type of market change happen to us before. And, with all sorts of information being thrown around lately, it's natural to be fearful. However, you have an immediate need to buy a home, whatever the reasons may be. 

But the key to success is to take action now. If you are serious about buying a home, this post is for you. 

You need to do three things right now in this market to get that home you love within the next 6-12 months. Are you ready? Let’s dive in. 

1. Get your credit score right.

This is the time when no one’s buying a home, so get prepared to buy one. And you can begin by getting your credit score right. 

Credit scores are critical for lenders to see how much debt you carry. A low credit score can mean you’ll have more difficulty paying a housing loan. But, a high credit score can also tell you are a good and responsible payer for a mortgage loan. 

Your credit score is within your control, and you can improve it by taking positive actions and habits. A good credit score of around 670 and higher is good enough to qualify for a mortgage. Ramping up to 740 will secure your status as a good borrower for lenders.

Stop waiting. Get your credit score right. 

2. Start saving some money. 

This one is obvious but tricky. You may be like, “Hey, how do I save money during this high inflation period? I’m always spending more now.” And our quick answer to that is, don’t spend as much!

It’s all about habits and how serious you are about buying a home within a year. Maybe you’re getting married and planning to move to Delaware for good. Or you're waiting for your first job and want an excellent place to live. 

Whatever your situation is, it's essential to start saving now if your target is to have a home within the following year. It’s a cliche, we know, but your future self will thank you for it. 

3. Have a consistent job for more than a year.

And the last one, if you’re on a mission to buy a home for the next two years, keep a stable job. 

We know you like taking time to get all your money and life situations organized and making sure your financial life is nice and sturdy. A steady job will help reduce stress and keep your cash flow consistent and predictable. And that is very important since you have a goal to buy a home within the following year. 

When you have a clear picture of your cash flow and target date, it’s easier to determine if you can save. Buying a home is not easy, so we want to minimize risk and ensure you have enough for a down payment. 

Once you’ve got everything together, then it’s all about what you can afford.

Final Thoughts

At the end of the day, renting is a 100% interest rate. I know it’s crazy to say, it’s so cliche, but it is. The longer you wait, the more money you lose renting. So, once you’re ready to buy, go for it. 

We at Loft Realty are committed to bringing you into the home of your dreams and leaving you feeling appreciated and well-served. Getting your dream home within the next 6-12 months is possible. Reach out to us today, and let us help you get started.