You have recieved some very good advice here about purchasing a home. One more way to look at this is the tax advantage with homeownership. You do not have any tax adavange while you are renting. As some of the other answer have said now is the time to buy with the interest rate at around 5%. These rates will most lilly go up after April and by year end may be about 6 to 6.5%
I do applaud you for paying off your credit cards, there are many homes in your price range to choose from and if I can be of assistance please call me at 636.6876
Congratulations on paying off your debt! I know that is an awesome task to undertake.
I understand your concerns about renting vs. buying. You have received some great answers already. I would HIGHLY recommend a first time home buyer course since it can give you some insight on things you may not even know as a concern. Some local courses like CAP will even offer $3500 in closing costs assistance based on income.
In almost every case I would recommend ownership over renting. You get to paint, have pride in ownership, help your credit, and best of all aquire equity! That's just to name a few.
I would say now is the BEST time in HISTORY to buy a home. Interest rates are at all time lows, many homes are competively priced and the $8000 home buyer tax credit is a wonderful incentive. The April 30th deadline for the tax credit is quickly approaching and you would want to make sure you have your contract in by that time.
As for the house that has been sitting on the market for the last 7months it could be a number of reasons. It could be overpriced, location, or not marketed well. It could be the seller owes more on the house than its worth or a probate that is complicated. Another potential issue is that it may be in the foreclosure process. Price is often the factor, but there are exceptions. As you probably know, many times people will not give you the full story.
Feel free to give me a call or text at 918.282.9427 or send me an email firstname.lastname@example.org.
Hope I was able to help
Look forward to hearing from you.
Good advice from both below. You are wise to look forward at the resale of your first home but should not let that be a paralyzing factor in your decision. Lisa's seminar would no doubt provide some great information. However, as Eric said, you have a lot to consider in a rent vs buy situation. A personal, one-on-one interview would serve to best answer your questions.
I perform rent vs buy scenarios for first time homebuyers at no obligation. You deserve to have all of your financing questions answered to meet your individual circumstances. There are many factors that influence what mortgage options and rate is best for you. Congratulations on paying off debt & rebuilding your credit. It is not easy, but this will pay off for you.
Please contact me if I can be of assistance to you.
Fairway Independent Mortgage Corp
At your convenience you can call me at 955-1287 or email me at EricWard@PruHomeQuest.Com
I hope to hear from you soon!