What is Important to You?
In determining whether or not now is a good time to buy a home, the first question to ask is, “What is important to me and my family?” If you can answer this question, then there is no need to give much thought to all of the pros and cons. But, let’s discuss them.
Finding the Ultimate Level of Comfort
The market today is indeed a seller’s market. Homes are flying off the shelves as buyers put in bids well above the asking price. As a first time home buyer, what are your options?
- Consider the seller’s interests
Coming from a different walk of life has no bearing; we all have interests. If you’ve had an opportunity to get to know the seller by speaking directly with them or with their agent, you’ve probably got a feel for “who” they are. Do they have a foundation? You could offer a contribution. Who’s their favorite sports team? Season tickets wouldn’t be such a bad idea if they haven’t already purchased them.
- Trying to time the market might not be a good idea
Home prices are currently inflated, interest rates are low causing buyers to hastily seek deals so as to not miss out on what could be an opportunity of a lifetime, and there’s a shortage in housing supply. How long will the market be this way? It is impossible to say how long the market will continue to operate in this manner. You could buy now and all of a sudden things turn around and your mortgage is worth more than the value of your home. You could buy now and the value of your home continues to appreciate at an historical rate.
When deciding whether or not to buy a home, it circles back around to what is important for you and your family. Are you ready to put your family into the house you envision living in? Then only put in an offer you are comfortable with. If things turn against you, understand they would only be temporary, as real property is historically known to appreciate in value over time. Things based on supply and demand always have peaks and valleys in the short term, but since your payment will be comfortable, there’s no need to worry. You’ll be living in a beautiful home for the years to come. Let’s explore your options together.