November 3rd, 2010 
Vanessa Williams Real estate prices are at an all time low and mortgage rates are even lower. For these reasons many folks are considering leaving their rental places to pursue home ownership. Sadly, there are many people that are unsure about what tomorrow will bring. These people do not know if they should purchase a house since they feel that it may end up losing some of its value shortly after.
If your buying a home for yourself and you plan on living there for many years, this should not be a factor. You can purchase the home now and even if it goes down in value for another year, it will most certainly go up again. Just make sure you really are planning on staying in the area. If you plan on moving to Virginia in another year, you don’t want to be looking at homes for sale in Minnesota.
Choose an area that has enough employment for you to work multiple jobs. Moving into a home and quickly finding yourself without a job and without any options for finding a new one is very stressful. If you have a job that you can do from home, then disregard this advice.
After you have located a place with a multitude of employment options, you will just need to ensure that the houses in the neighborhood are within your price range. Never choose a home that you cannot currently pay the mortgage on. Its always great to assume you’ll be making more in the future, but you shouldn’t base your financial obligations on it.
Many people go by the rule of thumb that if the mortgage is 30% of your take home pay then you should get the house. I wouldn’t use this rule since it doesn’t account for other variables in your life. For example, if you spend 90% of your income on other obligations and monthly expenses, you wouldn’t have 30% of your income left to pay on your mortgage.
It may be wise to seek professional help with these types of decisions. Talk to a mortgage broker and a realtor. A good real estate company to speak with is mnrealestatesearch.com. You’ll find that this company has a wealth of experience to bring to your aid. Just make sure you have your budget drawn up before you contact them. They’ll be able to give you advice on an individual basis this way.
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