Allison James Inc.



477 E. Main Street 1W.

Collegeville, Pa. 19426

How To Buy A Home In 2019

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What’s the first step to buying a house?

A lot of people are questioning “How To Buy A Home In 2019” with hot markets and other variables. With the main concern of some shortages of homes for sale in many markets throughout Pennsylvania, getting a pre-approval for a home loan is more important than ever. Cash buyers used to give sellers confidence that a deal would close quickly, but there are fewer cash buyers. And when houses where more readily available, buyers didn’t face the pressures of intense seller’s markets.

With a lender lined up and a preapproval letter in your pocket, sellers know you’re serious, which allows the agents to help move the home quickly.


Concern for rising interest rates?

Another change impacting the real estate market is rising interest rates. Misinformation or a couple bad articles could cause concern for prospective buyers. But, depending on the type of loan you’re trying to acquire, rates will fluctuate. Whether it’s a Conventional, Jumbo Loan or FHA for example, rate changes can happen daily.


How long does it take to buy a home and settle?

Changing in the last few years has allowed much quicker closings.

Application through closing times is much faster. For the 12-month period ended in May 2018, average closing times for purchase and refinance loans combined were about 42 days. For refinancing loans alone, the average was about 39 days. For the same period in 2012-2013, the averages were 49 days for all and 50 for refinancing. This most likely will continue if the consumer has their ducks in a row.

How much can I afford?

Calculate the Cost. If your monthly income is $5,000 per month then your mortgage payment shouldn’t exceed $1,400 per month. Figuring in budget estimate for how much house you can afford based on your income, down payment, and other expenses. Certain loans can help you get more of a house than you think you can afford by stretching the term etc.


Hot Market

There is little doubt of a hot market slowing completely down. At Rdc Affiliates of Allison James Estates, we always have a wide variety of homes. Whether you’re an investor, first-time home buyer or just looking for a new home, we have you covered!

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