Jerevie Canlas, Ph.D, CFLE
Empowering Financial Wellness Program Coordinator
While buying a home can be a very exciting process, it is more than just touring homes and driving through neighborhoods. The average time it takes to buy a home is around 6 weeks, but that only accounts for the time between getting pre-approved for a mortgage loan and when you finally get the keys to your new home. Before you start, you need to have done your homework, namely; evaluate your financial situation, choose the right neighborhood, and pick a realtor who has your best interest; in that order. One of the most common mistakes homebuyers make is looking at a home they can’t afford. Here’s a few things to consider when evaluating your financial situation in preparation for probably the biggest purchase you’ll ever make in your life:
*Since the original publication of this article, Utah’s median home price has risen to $405,000
This article was previously published on finance.usu.edu, March 25, 2021
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