Detroit Real Estate

A first time home buyer emailed me a couple of weeks ago and asked me should I buy a Northville home now or wait?  My advice is that you should first look at your own finances and your job stability first.  Yes there are still great deals out there and the interest rates are low.  But you need to have financial stability so you can keep your home and not lose it in foreclosure because you can't afford it or because you lost your job.

So ask yourself these questions.

• Do you have a decent paying job?
• Have you been on the job for at least two years?
• Do you have a lot of debt payments like credit cards?
• Is your job, company stable?  Are there layoffs coming in the near future?  Are you getting good job reviews?

If your company is going through downsizing or layoffs?  Then I would say you might want to wait to buy a piece of Northville real estate.

If you have your credit cards maxed out, I would wait to buy a home.  I would pay down the credit cards first.  Because if you can't pay them off before you own a home, it will be worse when you buy that Northville home.  There is always something you need when you buy a home.  You will be adding even more debt.  You should have some wiggle room financially.  Having a rainy day fund is a smart thing to have when buying a Northville home.

Having a decent paying job that you have been on for at least two years helps.  It's not necessary to be on the same job, if you have been steadily employed.  I just don't think you should come out of a college and jump into a new job and a new Northville home at the same time.  You don't need all that stress at one time.

So take it slow.

This is just part one of what you should think about when deciding whether to buy a home or not.

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