Tiff and I have gotten excited over our home search, looking at this house to the right (among others) along Highway 24 (not in Emerald Isle).

But, we've decided to temper ourselves a bit and wait until the winter for two reasons.

First, since we are both self-employed, it is important to save a 20% downpayment to get the best rates on a stated income loan. We have enough to probably get a loan now, but we'd expect to pay a higher rate. Also, with the higher downpayment, we can move our price range higher as well, which might even include some of the lower end homes on the island.

Second, housing demand in this area is much higher in the summer months (as it is many places), which means demand for loans is also higher, and the increased average loan rates have gone up significantly over the past few weeks, just as they did last summer. Despite not being sure if these rates are going to stay high all winter, we'll still take our chances that we won't see significantly higher rates then, and they could be much lower.

We've been very thrifty since Tiff and I have been together, and we're hoping that thrift will pay off soon with a new home. We'd absolutely love to stay in Emerald Isle, but the home prices here are premium as you might imagine in a beach town. If we wait six months, we believe a poor seller's market combined with greater down payment from us might give us a chance to find a good home here in EI.