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Should I look to purchase my first home now and close in January or wait until January to start looking?

I've been saving up money for the past 6 months as I started my first real job (full-time bank teller/training to become customer service manager), and I want to buy my own home so that I can start building equity and move out of my parents' house. So I plan on paying off all of my credit card debt ($3500) through a maturing CD, a tuition reimbursement through work, and savings- in early January... with about $5000 left over as a down payment on my first house (looking in the $60-70k range since I'm single and am willing to fix up things as long as it's a good area... plus I have good credit (700+) and am prequalified for a 100% loan through my bank if I decide to use it in lieu of the $5000 downpayment on a traditional loan.) Should I start looking now (in Michigan with it's down market, great time for buying)- or start looking in January when I'm credit card debt free and have the liquid money in my savings account? I know it takes awhile (2-4 months) to buy a first home.

Asked By: Paris P - 9/9/2007
Best Answer - Chosen by Asker
You have to decide what works best your financial situation. While the market right now is tough, due to over supply of inventory, it still remains the best investment you can make... More
Answered By: DJ B - 9/9/2007
Additional Answers (1)
I'd start looking now. It's generally a buyers market and as we get closer to the holidays, there are even fewer buyers looking for homes... More
Answered By: Sara Katrina - 9/9/2007
 
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