Have you found your dream plot of land and are ready to make a move? Or do you have your heart set on buying Indian Wells real estate but aren’t sure how much to save and what else to have in place before you start looking? Buying property is typically one of the most important investments you can make, and therefore, requires some strategy and forethought.
Timing can be a very important facet of your foray into the real estate market. If you’re not in an urgent hurry to buy, then you have time to clean up your credit rating, watch the market and get your finances in order. If you are already looking at Rancho Mirage homes for sale, then there is no time like the present to get started with preparations. Here are a few things you can do:
Observe housing prices. Take the time to watch and see if house prices are rising or falling and observe pricing for homes in the area you are interested—this helps you assess whether the area you’re looking at is right for you and your family. If prices are increasing, you may need to make a move sooner rather than later. If prices are decreasing, observe how quickly they are falling. If the pace that they’re decreasing is slower, then it may make sense to wait for prices to continue dropping.
Save up. It’s never too early to start putting funds aside for a down payment. Typically lenders expect around 20 percent of the asking price. If you don’t think you will have that much, then it makes sense to wait to look at Indian Wells real estate.
Clean up your credit. Do you know what your credit rating is? If not, get a report done immediately and then see what you can do to improve it. Contest anything you believe to be inaccurate and try to get your credit card balances as low as possible.
Research mortgages. As soon as you start looking at Rancho Mirage homes for sale, you should also start shopping around for the best mortgage rates. Most local banks will offer competitive rates, but don’t be afraid to negotiate. Keep in mind that if you have filed for bankruptcy in recent years, it can be more difficult to get a mortgage, so it’s best to see if you will pre-qualify now.
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