Forgotten Your Password?

Need to Register?

Question Icon

To buy before or after holidays.

I have found the home i want to get approved for near where I work in Irving MI. The price is a little above my budget, $109,900. I make $77k and FICO is 700, I have a bit of high debt that I am paying down now with a 2nd p/t job (i pay $4,500 for debt monthly). I wanted to know if buying after the holidays would be better as far as the seller accepting my offer? I read it is better to purchase after the holidays. Thanks for your advice professionals! by gward730 from Hastings, Michigan. 18 days ago Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Actually, it's just the opposite.. When the weather turns, and the snow starts falling and the holiday's approach.. home sales hit a drastic decline.. so, there's fewer buyers out there,,, This is good for you if you decide to buy during this time.. there's less competition, and it's likely you are the only person looking at that home. As far as income and "Debt"... Lenders do not look at debt the same way you do. For qualifying, we look at the minimum monthly payments on your outstanding debt.. Meaning, credit cards, car loans, student loans, child support or alimony, and the new housing payment.. we do not look at or count against you utilities, insurance, cell phone, cable TV, etc.. Those are bills not debt. FHA has the highest allowable debt to income which is about 56%.. so on your $77K annual, $6416 monthly, your combined allowable DTI including the new housing payment cannot exceed $3593. Realistically, without looking at your complete loan profile, it's hard to say for sure.. . I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

17 days ago
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,817 contributions

I've been lending over 20-years. Contrary to so much I've heard or read over the years from so called experts about this time of year or that time of year being better or worse, I've actually never seen any real sort of real patterns one way or the other to ever say anything is better or worse. Remember, the experts said Hillary would win... Go with your gut. If you've found a house you like today, make an offer today.

17 days ago
0
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

I've been a real estate investor for 30 years, in finance for 25 years and a statistical fanatic.. There is a clear and defined trend that been out there for as long as I've been in real estate. The peak of the real estate market is similar to other high ticket items.. and it's right around tax return time which peaks out at about May.. then from May to January, a steady decline, then it starts picking up again. This has been the pattern and can be easily verified with a simple internet search. Here's a link to the US Census Bureau. http://economistsoutlook.blogs.realtor.org/2012/02/29/seasonal-patterns-in-home-sales-data/ It's a list of home sales (in the thousands) going back to 1963, however seasonal adjustments were not broken out until the early 70's.. For North East, Midwest, South and West, there is a clear pattern of home sales declining during the winter months and increasing and peaking in the spring.. even more so in the Midwest, like Michigan. I currently have a vacation home listed for sale in Dunn County Wisconsin. My agent told me that once the first snow hits, I wont see any activity until the spring.. I was getting 5 to 6 showing's a week,,, since the first snow in October,, I've see 3 showing in 6 weeks.. So when is the best time to buy??? Right Now!... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

16 days ago
0
0
Subscribe to our news feed.