5 Best Practice Rules For Homebuying

5 best practice rules for homebuying
2003 was the year of flashy positive news about real estate: limited supply on the market, bidding wars, multiple offers, the whole nine yards. Mass media, social media, print media, you name it, was fast to point out the signs or recovery and low interest rates. It all seemed like the beginning of a promising race, with the market moving fast toward an encouraging end.

The only problem with that, as pointed out in this article recently published on AOL's real estate section, is that we tend to forget we are just at the beginning of a race. Moreover, it doesn't seem to be a simple race but a full-fledged marathon. If you plan on buying a home in 2014, you should raise above the trees and try to see the entire forest. Don't make decisions based on micro stats, short term events, or flashy article titles.

The above-mentioned article provides 5 important best practices for home buying, helping people focusing on long term goals. Read the article to learn how to:

  • Educate yourself on aspects related to financial self assessment while focusing on your needs and capabilities instead of market characteristics. This will help you define the best time for you to buy, a decision evolving more around you and not necessarily dictated by the market;
  • Define your priorities: your home is a place to live first and a financial investment second. Do not rush the process, as home buying is a complex affair, a mixture of rational, emotional, and financial decisions;
  • Forecasts, prognosis, and predictions may not be very accurate. Don't let yourself fooled by data posted in print or online. Make decisions after careful assessment of numbers and stats, always following your established set of priorities;
  • Take into consideration only local aspects. The realities in your community trump any trends on a national or state level.
  • Trust yourself. Any decision you make should be based on your own assessment and knowledge of your financial capabilities. 

Buying a home is more like a marathon than a fast-paced race. Move along this complex process with the speed that makes you comfortable on assessing your real financial strength, needs, and long term plan for you and your family.
Read the entire article here...

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