Vincent Arceo - Home Experts Realty Agent

Am I Ready to Buy a House? Factors to Consider

The process of buying a house can be challenging yet rewarding. To determine when you're ready to buy, consider the following factors and utilize available resources.

1. Homebuying Checklist:
Before starting your search, assess your readiness using the following checklist:
- Low Debt: Aim for a debt-to-income ratio below 43% by paying off credit card debt, auto loans, or refinancing student loans.
- Down Payment: Saving 20% for a down payment is advisable to avoid private mortgage insurance (PMI) and lower monthly mortgage payments.
- Credit Score: Boost your credit score to at least 620 for a conventional mortgage and consider FHA loans for lower credit scores.
- Monthly Payment and Home Maintenance: Account for mortgage payments, property taxes, insurance costs, and create an emergency fund for unexpected expenses.
- Area of Ownership: Consider factors like school district, commute, social life, and proximity to family and friends.
- Rent vs. Buy: While renting has advantages, buying offers long-term financial security and the ability to build equity.

2. How Much Can You Afford?
Set a budget based on your household income, existing debts, and down payment. Look for homes priced three to five times your income.

3. First-Time Homebuyer Programs:
Explore these options if you have limited savings or poor credit:
- Conventional Loans: Preferred for low-interest rates, with down payment options as low as 3%.
- USDA Loans: Suitable for those without a down payment, but the home must be in designated rural or suburban areas.
- VA Loans: Available for active-duty military members, veterans, and their spouses, with no down payment or PMI requirement.
- FHA Loans: Suitable for buyers with poor credit, offering down payment options of 10% for credit scores below 580 and 3.5% for scores above 580.

In conclusion, buying a house is a significant decision. Consult with trained loan officers to ensure you're comfortable with your first home purchase.

https://www.cnbc.com/2017/06/27/how-much-housing-prices-have-increased-since-1940-in-every-state.html

Here are a few possible inspirations for your bathroom!

https://www.nar.realtor/blogs/styled-staged-sold/5-hottest-hues-for-the-bathroom

5 Hottest Hues for the Bathroom Even the smallest spaces can be enhanced with the right color scheme.

As April's sales are being calculated, here's a look into March's real estate sales.

https://www.dabr.com/news/dayton-area-home-sales-for-march-2022/

Dayton Area Home Sales for March 2022 - Dayton REALTORS® Home sales in March increased slightly from last year, according to the Multiple Listing Service of Dayton Realtors. Sales of single-family and condominiums reported totaled 1,270, up a little over one percent from the sales in March 2021.

"Homes sales in March 2022 reached 11,832, a 4.8% decline from the 12,429 sales recorded during the month a year ago. The average sales price across Ohio in March reached $247,123, an 11.1% increase from the $222,421 mark posted during the month in 2021."

This content is copyright 2022 Ohio REALTORS. Read more at: https://www.ohiorealtors.org/home-sales-news-release/

Home Sales News Release Latest Home Sales News Release

Here's a recent assessment of the Miami Valley real estate climate.

https://www.dabr.com/housing-data/

Miami Valley Housing Data | Dayton Realtors In this section you will find the latest Dayton market updates, statistics, historical data, press releases, and other Dayton Realtors news.

"Over the last three months, mortgage rates have risen by 1.5 percentage points, the fastest three-month rise since May 1994. Also, during the first two months of 2022, home prices have climbed by more than 15% compared to a year ago..."

https://magazine.realtor/daily-news/2022/04/08/rising-rates-constrain-buyers-budgets

Rising Rates Constrain Buyers’ Budgets The 30-year fixed-rate mortgage has seen the fastest three-month increase in 28 years.

Vincent Arceo - Home Experts Realty Agent updated their phone number.

Despite the unpredictable Ohio weather says, Spring is right around the corner! Here are some kitchen project ideas for you.

https://www.nar.realtor/blogs/styled-staged-sold/7-kitchen-transformations-to-inspire-your-next-project

7 Kitchen Transformations to Inspire Your Next Project From decluttering to a complete redo, see how these home stagers tackled makeovers.

Vincent Arceo - Home Experts Realty Agent updated their address.

I apologize for not posting on here as constantly as I should. It has been an active year and a half and will be keeping everyone in the loop moving forward! Thank you all!