What to Do if You’re Not Ready to Buy Just Yet

If you don’t currently suffer from house fever, it can be a good thing. However, there are some things you should keep in mind if you need a home and are still putting off a home purchase until next year:

• Price fluctuation. The cost of a mortgage next year might not be the same as this year. The same is true for home building prices. If prices are favorable in your area right now, the only way to lock those prices in is to secure a mortgage sooner rather than later.
• Save like you’re going to buy a house. Don’t let the dream of owning a home slip away. Failing to save aggressively can mean having less of a down payment available, which translates to fewer options when it’s time to buy a home.
• Keep clear of debt. The more debt you have, the more bills you have every month. That makes it more difficult to afford a regular mortgage payment. If you’re not ready to buy a home just yet, make sure you steer clear of debt to maximize your chances of a successful mortgage.

It’s wise to be cautious about a decision as big as acquiring a new home. But use the intervening time wisely. Learn more about the home mortgage you might expect when you enter the market again—and what you should do to prepare.