Is it time to make the change from renting to owning a home?

by Tracy Dugdale-Munoz, Realtor DRE#01746630 - NBPM|Property Management|Real Estate Sales 03/05/2023

Top signs why it's the perfect time to become a homeowner featured image

For many, the homebuying journey often starts with getting pre-approved for a mortgage. Once approved, a buyer has a mortgage can enter the real estate market with a budget in hand. 

Identifying key signs can help you decide if it’s the right time to secure a mortgage loan. 


You're ready to upgrade from an apartment to a home

If you're tired of paying rent, purchasing a property offers a viable alternative. With a mortgage in hand, you can budget out for the purchase of a home and get a better idea of the type of home you can afford. 


You feel good about your credit score

Having a good credit score is fundamental in regard to applying for a mortgage loan as it demonstrates your credit history. A good credit score improves your chances of being approved and can even open the door to more benefits such as lower interest rates.  

If you feel your score may need to be improved before applying for a mortgage, consider taking steps such as cutting down debt or getting added as an authorized user to a credit account. 


It's a buyer's market

In a buyer's market, there’s typically an abundance of desirable homes and a shortage of buyers. This means a homebuyer may be able to negotiate with more options to purchase a home they desire for a great deal.  

By reviewing this housing market data, you can differentiate a buyer's market from a seller's market and determine whether it’s the ideal time for you to apply for a mortgage. You can do so by searching your local MLS for listing information in the area you wish to purchase a home. 

By acknowledging your housing goals, financial standing and doing real estate market research, you can determine if now is the right time for you to apply for a mortgage loan.


About the Author
Author

Tracy Dugdale-Munoz, Realtor DRE#01746630 - NBPM|Property Management|Real Estate Sales

I have been in Real Estate since 2006, I’m a consistent, successful Real Estate Agent. My clients say “You worked tirelessly on our behalf, in the highly professional manner that every client hopes for in their real estate agent.” I am not your average Real Estate agent. I am a woman with a business philosophy that reads very much like the words from my former exec at Pacific Bell: “The relationship doesn’t end with the sale; it starts after the sale is made.” Relationships; this has been the pinnacle to my success. People from all walks of life find themselves at ease with my knowledge and dedication to quality service.