You have to admit it is a fair question.
Many Buffalo Area Homebuyers bypass this question and immediately start the home search process. You are talking about your financial health and no matter if you are a 1st time home buyer or someone moving up into their next home, it is a daunting decision. Here are a couple of indications that you are ready to purchase a Western New York home:
Do you know the market?
- How many homes have sold in the community that you desire? And at what price?
- Do you know what absorption rate is?
- If you are thinking of moving up to another community do you understand the market in your current community?
Do you have Sufficient funds?
- Do you have enough money for a down payment?
- Do you qualify for a mortgage?
- How is your credit?
- What about Closing costs including attorney, inspections, and taxes
- How about the expenses of moving?
- Will you have a reserve fund in case of emergency? What if you lose your job? The roof starts leaking? The septic tank needs pumping?
Just because you can afford the purchase it does not necessarily mean that you should purchase a home or move up at this time. Or decide that it is ok not to purchase. So many home owners have gotten into trouble because they have not planned for the worst case. Once you own a home there are things to consider when owning a home. If you never have owned a home, this includes items like:
- Home owners insurance
- Utility bills
- Regular maintenance to the home including, plumbing, roofing
Thinking of purchasing a Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Colleen Kulikowski at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home, just fill out the form below. View additional WNY Market Area Statistics here.
All Statistics are gathered from the Buffalo Niagara Association of REALTORS®. Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2011 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
