Thinking of Buying a Home? Time to Get Serious.

I’ve spoken a lot in recent weeks about how numerous factors are indicating we could be right in the middle of prime home-buying time. As we close out the first month of 2017, the indicators that this is the case are getting stronger and stronger. If you’ve been thinking about buying a home, it may be time to get serious and start figuring out a specific plan.

The Dream of Buying

This recent article outlines several reasons why you should consider buying a home before the year’s end. We’ve discussed many of them before: interest rates are on the rise, and increasing monthly mortgage payments are coming along with them. Locking in a rate on a mortgage now could save countless dollars over time.

Inventory is miniscule. We’re simply not seeing a lot of homes for sale on the market right now, which means high demand and increased competition are driving prices through the roof. Yet the problem is likely to get worse before it gets better, and if these patterns hold, by next year the current inventory could look massive by comparison.

Finally, prices are continuing to rise with no end in sight. As such, now is looking more and more to be the ideal time to act if you have any plans of homeownership in the foreseeable future. Buying now is certainly expensive due to the factors outlined above…but it’s likely to get even more so. In many cases, it’s best just to bite the bullet and lock in a price now.

The initial article I linked to notes that all of these elements working together have created an air of uncertainty. The future of real estate is harder to guess right now than it has been in a while, and the fear that comes from uncertainty can at times paralyze people or entice them to make poor decisions.

There is, however, one thing you can be certain about: you need a place to live. And homeownership remains the best way to do so, with all the security and equity renting simply doesn’t offer. If the biggest cloud on the horizon is this looming sense of uncertainty, the best way to combat it is to act quickly and decisively to secure things in the calm before the storm.

Thanks for reading, and remember: I’m always available as a resource! Home buying can be quite scary and intimidating, so feel free to reach out to me and my team for the knowledge and support you need to make the right decisions.