{"id":1433,"date":"2016-11-18T12:27:21","date_gmt":"2016-11-18T19:27:21","guid":{"rendered":"https:\/\/www.realtyexecutives.com\/blog\/?p=1433"},"modified":"2017-01-24T13:57:50","modified_gmt":"2017-01-24T20:57:50","slug":"quiz-are-you-ready-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/www.realtyexecutives.com\/blog\/quiz-are-you-ready-to-buy-a-home","title":{"rendered":"Quiz: Are you ready to buy a home?"},"content":{"rendered":"

\"Couple<\/a><\/p>\n

According to the\u00a0<\/span>National Association of REALTORS\u00ae Research Division<\/span><\/a>, 48% of homebuyers in 2015 purchased a home because it was the right time and they were ready to buy a house. But how do you know when you\u2019re ready to buy a home? Take our quiz to find out.<\/span><\/p>\n

<\/p>\n

1. Have you researched the homebuying process?<\/strong><\/p>\n

A) Yes, I can tell you everything about buying a house, from getting pre-approved to having money saved up for hidden and after-tax costs<\/span><\/p>\n

B) I\u2019ve done a little research but still have some questions<\/span><\/p>\n

C) Not really<\/span><\/p>\n

2. What is your current financial situation?<\/strong><\/p>\n

A) Great, I plan to buy a house with cash<\/span><\/p>\n

B) I have a job and savings<\/span><\/p>\n

C) I live from paycheck to paycheck<\/span><\/p>\n

3. Do you have a regular income?<\/strong><\/p>\n

A) Yes, I work full-time<\/span><\/p>\n

B) I work part-time, but I have savings<\/span><\/p>\n

C) Not right now<\/span><\/p>\n

4. What is your credit score?<\/strong><\/p>\n

A) 700 and above<\/span><\/p>\n

B) Between 620 and 699<\/span><\/p>\n

C) Lower than 620<\/span><\/p>\n

5. Do you have any debt?<\/strong><\/p>\n

A) I have minimal debt<\/span><\/p>\n

B) Yes, but my debt-to-income ratio is less than 43%<\/span><\/p>\n

C) Most of my income goes towards paying off my debt<\/span><\/p>\n

6. Describe your expenses.<\/strong><\/p>\n

A) I manage my expenses easily<\/span><\/p>\n

B) I\u2019m able to pay my expenses, as well as save every month<\/span><\/p>\n

C) More than half of my monthly income goes towards paying off credit cards<\/span><\/p>\n

7. How much money do you have saved for a down payment?<\/strong><\/p>\n

A) I have more than 20% saved for a down payment for a home within my price range<\/span><\/p>\n

B) I do not have 20% saved, but I\u2019m confident that I\u2019ll get pre-approved for a home loan<\/span><\/p>\n

C) I don\u2019t have any money saved for a down payment<\/span><\/p>\n

8. How good are you at home maintenance?<\/strong><\/p>\n

A) I\u2019m comfortable working around plumbing and electrical systems<\/span><\/p>\n

B) Not great, but I do have money saved up for home maintenance expenses<\/span><\/p>\n

C) I don\u2019t do home maintenance<\/span><\/p>\n

9. How long are you planning on living in the house?<\/strong><\/p>\n

A) At least 10 years<\/span><\/p>\n

B) Not less than three<\/span><\/p>\n

C) I\u2019m thinking about moving in a year or so<\/span><\/p>\n

10. Have you spoken to a real estate professional?<\/strong><\/p>\n

A) Yes, I\u2019m pre-approved for a loan for a house in my price range<\/span><\/p>\n

B) No, but I\u2019ve looked into the\u00a0<\/span>real estate agents<\/span> and lenders in my area<\/span><\/p>\n

C) Not yet<\/span><\/p>\n

How did you score?<\/b><\/p>\n

Mostly A\u2019s<\/span><\/p>\n

You\u2019re well-prepared and have everything in place to get the process started. Once you start\u00a0<\/span>searching for a home<\/span> it\u2019ll just be a matter of time before you close the deal.\u00a0<\/span><\/p>\n

Mostly B\u2019s<\/span><\/p>\n

It sounds like you\u2019re going in the right direction and have a good idea of what the homebuying process entails. Here are some resources to help complete your preparations:<\/span><\/p>\n