Is Now a Good Time To Buy?
Some will tell you that there is no perfect time to buy a home, and others will tell you that there is a perfect time to buy a house – and that time is now. So how do you determine which is true?
There are different factors to consider before deciding to purchase a new home, and coming up with answers for each of these factors can help you determine if now is a good time for you to buy.
The first factor that you should consider when thinking of buying a home is whether or not it makes sense for you to buy. In other words: Do you have the money to buy? Do you have sufficient upfront money to make the down payment on a new home, and do you have ongoing funds to pay for the home that you are thinking of buying? If the answer to either of those questions is “no,” then no, now is not a good time to buy. You never want to be so burdened by a home payment that the rest of your life centers on that one purchase. Ask anyone who has ever been “house poor” if it is worth it, and nine times out of ten they will tell you that they would have rather gotten a smaller (or less expensive) home than be so anchored by a single purchase.
Another factor to consider is how long your plan to live or own the home. Job security, changing jobs, continuing education, and children can all have a big influence on how long you stay in one location. The longer you are in a home, the longer time period you have to realize price appreciation of your home in order to gain equity. Moving is a greater expense than many people realize because of closing costs, agent fees, and furnishings. In order to recoup up-front costs, it is typically necessary to live in a home for at least five years.
There is no easy answer to whether now is a good time to buy or not. Determining when the best time for you to buy is not necessarily the same time frame that it will be for someone else. It is essential to review your own situation – financially and logistically – before you sign on the dotted lines. Once you have made the decision to move forward, contact Jadestone Real Estate to look at local market trends and data. We are here to help you find the perfect home for you.
Posted on Behalf of Jadestone Real Estate