Ken Venick

Phone: 443-471-4310

ken@kenvenick.com

Owings Mills & Lutherville Mortgage
  • Home
  • About Me
  • Testimonials
  • Mortgage FAQ
  • Mortgage Blog
  • Videos
  • Contact
  • Mortgage Calculator
  • Apply Now
Owings
  • Home
  • About Me
  • Testimonials
  • Mortgage FAQ
  • Mortgage Blog
  • Videos
  • Contact
  • Mortgage Calculator
  • Apply Now
  • Home
  • Home Purchase
  • Blog
  • Should I Pull The Trigger on Buying a Home Before 2021

Should I Pull The Trigger on Buying a Home Before 2021

December 6, 2020 Written by Ken Venick

 

The year 2020 has proven to be an economic rollercoaster. This chaotic and uncertain time has left us hesitant to make big financial decisions, especially when it comes to home buying. Many of us are waiting to invest in a home until 2021 or later — but what if the time to buy is now? 

2021

 

A decline in interest rates has appealed to potential home buyers in the later half of 2020. But is it enough to sway your purchasing decisions? In this article, we’ll discuss what factors you should consider before purchasing a home in 2020, and what might be in store for the year to come. 

 

Consider Your finances. 

 

It goes without saying that financial stability should be your first priority when considering a home purchase. Has your income been steady throughout 2020? Have you been able to pay your bills on time and put some money into savings? If you feel your income is stable enough to purchase a home in 2021, then go for it. However, keep in mind that unemployment rates are high, and to avoid any big moves if you think your employment status might change in the near future.  

 

Evaluate the housing market.

 

The housing market has proved to be complicated in 2020. Prices have remained high since June, leaving many unwilling to jump the gun until next year. Prices are currently high because there’s an overwhelming demand in the market. Seems strange right? Turns out, this high demand is because of a steep drop in mortgage rates. This has persuaded home buyers to take advantage of low rates while they last and invest while they can. 

Although these decreased interest rates are tempting, supply for homes is still low. Many are afraid to put their home on the market until the pandemic ceases. Unless you find exactly what we want, we recommend waiting until 2021 to find your dream home. 

 

Focus on geographics. 

 

Pricing of homes will always vary by location. Some areas have been hit harder than others because of the pandemic, and certain cities might see low housing prices because people from out of state are unwilling to move there right now. If prices are high in the location you’re pursuing, you might want to hold off until 2021. 

 

Stay informed. 

 

Above all, the most important thing you can do in making a home purchasing decision in 2020 is staying informed. Staying in touch with a trusted source in real estate can help guide you in the right direction. If you don’t feel ready to purchase a home just yet, take this time to prepare. Hold on to your money, and look to cut down on certain expenses until you’re ready to purchase. However if your financial condition is stable, you can afford a mortgage loan, and your dream house is right in front of you, take advantage of low interest rates and invest now!

 

Need some assistance in your home buying decision? Ken Venick can help! Ken has over 30 years of experience in the mortgage loan business and can put you in the right mortgage loan product for your unique needs. Visit our FAQ page to learn more and contact us today!

 

Blog, Home Purchase
How Remote Working Has Affected the Home Buying Process
The Impact of Covid-19 on Mortgage Rates

Ken Venick

NMLS 138175

Equity Mortgage

NMLS# 128519

66 Painters Mill Road Suite 202
Owings Mills, MD 21117
Phone: 443-471-4310
ken@kenvenick.com
Licensed in Maryland, Delaware, Washington DC, Pennsylvania, New Jersey, North Carolina and Florida

Follow Us

Visit Us On FacebookVisit Us On InstagramVisit Us On LinkedinVisit Us On Youtube

Request Your FREE Consultation Today!

    Is Your Credit Score Where You Need it to be?

    Is Your Credit Score Where You Need it to be?

    April 2, 2016

    Credit Score

    All About Credit Scores There’s a lot that is calculated into your credit score. If it’s not where you’d like it to be, we can help you to understand what you need to do to get it there. The first, and most important, number to understand is your actual score, and where it falls on […]

    Credit Card Payments credit score FICO Score Ken Venick Market Trends Maryland Owings Mills and Lutherville Mortgage Real Estate

    read more

    When to Refinance your Mortgage

    When to Refinance your Mortgage

    April 4, 2016

    Mortgage Refinance

    There are many reasons why someone would refinance a mortgage.  Some of those reasons could be: to replace an adjustable rate mortgage with a fixed rate, to settle a divorce or to eliminate FHA mortgage insurance.  Some people choose to refinance because they could save thousands with a new interest rate altogether.  Others do so […]

    read more

    Adjustable vs. Fixed-Rate Mortgage

    Adjustable vs. Fixed-Rate Mortgage

    April 4, 2016

    Interest Rates

    Differences Between Adjustable vs. Fixed-Rate Mortgage There are two types of mortgage interest rates, and your monthly payment can change drastically depending on which you choose. A fixed-rate mortgage is just that – a rate that doesn’t change. The most common terms for fixed-rate borrowers are 30 years and 15 years, but 10 and 20 […]

    Adjustable Mortgage ARM Fixed-Rate Mortgage Home Market Trends Ken Venick Loans Mortgage Payments Mortgages Real Estate

    read more

    203k Loans and Renovating Without Equity

    203k Loans and Renovating Without Equity

    April 4, 2016

    203k Loans Equity Renovation

    A 203k loan is a renovation loan for your home.  If you want to buy a fixer upper, or you just want to remodel your current home, this is the type of loan that will help you to afford it. You can buy a home or refinance your current mortgage with this loan and it […]

    Construction Loan Consumer Loans Home Market Trends Home Renovation Ken Venick Loans Mortgage Refinance Mortgages Real Estate

    read more

    Hear Ken on AHA Business Radio

    Hear Ken on AHA Business Radio

    June 23, 2016

    Equity Interest Rates

    Click the “play” button below to catch Ken Venick’s interview on AHA Business Radio! Ken shares his insights about the importance of maintaining your credit levels, about mortgage interest rates and about qualifying for a mortgage. If you have any questions, or any trouble understanding mortgage finance, listen here for Ken to clear things up:  

    AHA Business Radio Credit Cards Home Market Trends Ken Venick Mortgage Financing Mortgages Radio Interview Real Estate

    read more

    Owings Mills Mortgage Rates - Owings Mills Market Update

    Owings Mills Mortgage Rates - Owings Mills Market Update

    June 19, 2017

    Mortgage

    How are Owings Mills mortgage rates affected by the national and local real estate market? How does the local real estate market effect my financing options as a buyer? As an Owings Mills mortgage lender, I pride myself on helping my clients discover the answers to these and numerous other questions. I believe that accurate, […]

    Buy a Home dream home Ken Venick Loans Mortgage Rates Mortgages Owings Mills and Lutherville Mortgage Real Estate Market

    read more

    Weekly Review - Week of June 19th

    Weekly Review - Week of June 19th

    June 20, 2017

    Mortgage

    The stock market ended the week in “mixed” fashion with the NASDAQ Composite Index underperforming as investors locked in some profits in high-flying large-cap technology stocks. Selling was particularly noticeable in the so-called FAANG stocks – Facebook, Amazon, Apple, Netflix, and Google (Alphabet) that represent $2.36 trillion in market capitalization. Meanwhile, the Dow Jones Industrial […]

    Bond Prices Home Market News Housing Reports Market Updates Mortgages owings mills mortgage Refinancing

    read more

    The FHA 203(k) Rehabilitation Mortgage

    The FHA 203(k) Rehabilitation Mortgage

    June 21, 2017

    Mortgage

    The FHA 203(k) Rehabilitation Mortgage is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner-occupied home they own or would like to buy. Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because […]

    read more

    Your Guide To Renovation Loans

    Your Guide To Renovation Loans

    June 21, 2017

    Mortgage

    Popular Types of Renovation Loans Renovation Loans are used to purchase or refinance a home in need of repairs. The cost of the repairs is bundled into the mortgage, making it simpler and easier to pay for needed home rehabilitation. WHAT TYPES OF HOMES MAY BENEFIT FROM RENOVATION LOANS? Distressed Properties Those that were in […]

    Fannie Mae Homestyle Renovation Loan FHA One-Time Close FHA Rehabilitation Loan FHA Repair Escrow Loan Fixer Upper Homes Home Buying Tips Home Improvements Home Repairs Lutherville Mortgage Lender Old Homes renovation loans

    read more

    Top Reasons to Buy a Home

    Top Reasons to Buy a Home

    July 24, 2017

    Mortgage

    Benefits and Reasons to Buy a Home As an experienced Owings Mills mortgage lender, I am proud to have helped countless individuals and families accomplish their dreams of affordable home ownership. Throughout my experience, I have come across clients with a number of different reasons for finally making the decision to purchase their own home. […]

    Buying a Home Finances Home Equity Home Market Trends Lutherville Mortgage Lenders Mortgage Payments Mortgages Purchasing a Home Real Estate Renting

    read more

    get_footer();