3 Reasons Why You Can’t Rush a Home Purchase Today
With housing in recovery mode, credit easier to get, people feeling more secure in their jobs, and the economy improving, this is a good time to buy a home.
But is it a good time for you to buy? Here are some things to consider before jumping into the market.
1. The perfect home might not be out there.
Buying a home is likely the biggest purchase you’ll ever make. Your home is your solace, a place to escape from the world and make memories. It’s important to make the right choice.
But it’s not easy. In many markets, housing inventories are tight, making it hard to find just the right place. If that’s the case, wait! More inventories will eventually come. If you settle for a smaller house now because you want to “time” the market, you’ll be stuck selling and buying a larger house in just a few years.
2. Buying a home is a journey.
It can take a year, sometimes longer, to buy a home, so don’t rush it. Learning and getting comfortable with your local market takes time and experience. Buyers spend months looking at listings and doing online research before they even contact an agent. Feeling competitive with your co-worker or friend who just bought? Don’t. For all you know, they were looking for many months before you even thought about buying.
3. Don’t be seduced by low prices and interest rates.
Even though our world moves quicker and information flows faster than ever today, real estate was always meant to be a long-term investment. If you’re in it for the long haul, you shouldn’t be focused on buying at the right “time.” Make the best choices not just for today, but also for years from now.
It’s easy to feel pressured to buy now because of rising interest rates or the fear of home prices rising. Interest rates, though they have gone up recently, are still at 30- and 40-year lows. When the time is right for you to get serious in the market, negotiate the best price possible and lock in the best possible rate. Look for homes where you can create value.