Spring is all about budding flowers, rising temperatures and “for sale” signs. It’s peak home buying season.
And this season has started strong: Existing home sales increased almost 10% in February — the largest monthly increase in a year, the National Association of Realtors reported in March. And home prices remain high: The median existing home price was $384,500, nearly 6% higher than a year ago.
Time to buy? Real talk: Just because the weather is nice, it doesn’t mean you’re ready to buy a home.
What can you afford? There’s a general rule of thumb to keep your monthly housing payments below 28% of your monthly gross income. This kind of math helps not to let your housing costs overwhelm you.
Manage expectations. What’s important to you in a home? Is it the school district, yard size, walkability or interior space? Research the local market, including prices and inventory levels.
Get pre-approved. If you’re intent on buying, you want to be able to act accordingly. Getting pre-approved for a mortgage will help with that.
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