@natale_realtors Could this be a good time for you to buy? We first have to break down when is it a good time to buy a home? There’s three simple factors: 1. Can you afford the down payment and monthly cost to own the home? 2. Does your employment and income seem safe from an economic downtown? 3. Does the home you are looking to purchase fit you and your expected lifestyle for the next 5-7 years? I completely understand the first box is hard right now. With rates twice what they were earlier this year, it sure is tough to even afford it. Let’s say you can. The next question looks at your employment. If this looks safe even during an economic downturn, then you’re in great shape there. The last one is very important right now. If the home only fits you and your family for a year, it may not be the best move to buy a home right now. There’s no telling whether or not that investment will be worth it a year from now if rates stay high and prices don’t appreciate. If the home fits you for a long time, at least 5-7 years, you’re in a strong position to buy any home in any market. If these three questions are met with a Yes, it could be a great time for you to buy and here’s why: Competition to buy a home is at pre-pandemic levels. That means you could have a home sale contingency again, do a full inspection, not waive the appraisal, and possibly even negotiate the price down! Marry the house, date the rate is BS. We don’t know what the rates will be in the future. If they do drop down, you’ll be in a great position to refinance at a lower rate and have positive equity with appreciating prices down the line. If you need help navigating the current market in your neighborhood, don’t hesitate to contact us. We’re here to help.
Could this be a good time for you to buy?
We first have to break down when is it a good time to buy a home? There’s three simple factors:
1. Can you afford the down payment and monthly cost to own the home?
2. Does your employment and income seem safe from an economic downtown?
3. Does the home you are looking to purchase fit you and your expected lifestyle for the next 5-7 years?
I completely understand the first box is hard right now. With rates twice what they were earlier this year, it sure is tough to even afford it. Let’s say you can. The next question looks at your employment. If this looks safe even during an economic downturn, then you’re in great shape there. The last one is very important right now. If the home only fits you and your family for a year, it may not be the best move to buy a home right now. There’s no telling whether or not that investment will be worth it a year from now if rates stay high and prices don’t appreciate. If the home fits you for a long time, at least 5-7 years, you’re in a strong position to buy any home in any market. If these three questions are met with a Yes, it could be a great time for you to buy and here’s why: Competition to buy a home is at pre-pandemic levels. That means you could have a home sale contingency again, do a full inspection, not waive the appraisal, and possibly even negotiate the price down! Marry the house, date the rate is BS. We don’t know what the rates will be in the future. If they do drop down, you’ll be in a great position to refinance at a lower rate and have positive equity with appreciating prices down the line.
If you need help navigating the current market in your neighborhood, don’t hesitate to contact us. We’re here to help.