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

I%26#039;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%26#039; 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%26#039;m single and am willing to fix up things as long as it%26#039;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%26#039;s down market, great time for buying)- or start looking in January when I%26#039;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.

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

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.

Buy when you are ready. It%26#039;s that simple, some people think they have all the answers, well I don%26#039;t. I won%26#039;t lie to you, the market is pretty crummy for sellers right now. There aren%26#039;t enough buyers to give you a prediction of the future. This will turn around. I%26#039;m hoping for sooner rather than later.

I suggest you talk now with several lenders in your area, including the one you%26#039;re working for. See what programs area available and chose one that best fits your financial goals. Whether you buy now or later, doesn%26#039;t matter. Do your mortgage homework so you know where you stand.

Always utilitze the experts/professionals for anwsers to your questions. You don%26#039;t go to Yahoo when you have a toothache, now do ya? Best of Luck!

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

I%26#039;d start looking now. It%26#039;s generally a buyers market and as we get closer to the holidays, there are even fewer buyers looking for homes.

Unless the market tanks even more in the new year (which is a possibility of course), you might be able to negotiate your best deal in November or December.

Talk to some realtors in your area to get their take on your local situation.