Buying a Home in Today's Market?

One of the most Common and Frequently Asked question is "Should I Buy a Home Now?
To answer that question, you need to be Honest with Yourself!

Is this the Right Time to Buy?

Contrary to Media Hype, Any Time is the Right Time to Buy a home for the right person in the right situation. Unlike stocks; A Home is our Shelter, a place to Raise a Family, Come Back To after Work or Vacation. It's a place we will Entertain Friends, Create Memories, Endure Tragedies, Live, Laugh and Love. When we are ready to enter a new chapter of our lives and move, its also one of the Greatest Financial Investments we could have made.

A Home is someplace we should be planning on keeping for many years. The key is to find a home that will serve your needs for the next 5-7 years.

Are you ready to buy?

Ask yourself these FOUR simple questions

1. Can I Stay Put?
   
   Don't buy if you can't stay put.
   If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.
   
2. Will I need to move because I am considering a Promotion or Job Change?
   
   Are you thinking of going back to school? Getting Married or Starting a Family?
   You will want to buy for where you plan on being in 5 years, not where you are right now.
   
3. How Is My Credit?
   
   Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover. Pay down any Credit Card balances above 50% of the Credit Limit. Do not pay them off!
   
4. Do I Have Money Saved Up or will I be getting a Family Gift to use for the deposit?
   
   Most Buyer's will need to put down anywhere between 3% and 20% of the homes value. Lenders allow a portion of that to be Gifted to you, but the more you have in the bank early on the better off you are. Same with the Deposit. 3% Down is achievable, but the safe bet is 20% Down. Don't forget Closing Costs on top of that Deposit!

So...Are You Ready To Buy?

• If you are in a Good Job that looks like it will stay on course for the next 5 years.
• If you are not going to make any Major Life Changes in the next 5 years.
• If you have your Credit in Check.
• If you have some of the money you need to close with or 1/2 the deposit amount (Deposits range from 1% to 20% Down at Contract  Signing)

Then the answer is YES!    

If the answer is NO, that's OK too!

Why? Because if you did try to buy a home in your current position, you could be in a very stressful situation. Sure Home Ownership means you no longer pay monthly rent for the roof over your head. You can do what you want with your house (within reason). When you leave, you can sell it to recoup the purchase price, get a tax break and - with any luck - earn a profit too.

But don't kid yourself. home ownership comes with a slew of disadvantages, responsibilities, and downright headaches as well. Buying at the Right Time in YOUR Life is what is Most Important! Not, Buying when the Newscaster or Magazine Editor tells you to.

So if you need an Apartment or House Rental instead of buying right now, we can help you with that too.  

But HEY! Now that you know what you need to do to achieve your goal you can begin to make it happen. In the mean time, feel free to look on line at all the homes on the market. You might even pick up on some decorating ideas!

Do you have more questions or want to know about working with an Accredited Buyers Representative (ABR®)

Get in touch with us today, just click on