Clients are always asking me when the right time to buy is. Clearly, we all want to buy when the market is low and sell when it’s high in order to get a great return. Alas, it’s impossible to time the market to perfection, so here are the two things I think are important above all else when buying a home.
The first thing is quality of life. If you can find a home that is in your budget, with a community that fits your needs, go for it. That’s the reason you’re buying, right? I bought a home in 2004, but when value decreased immensely with the 2008 market crash, it didn’t bother me. Why? Because I wouldn’t have changed a thing. The quality of life I have enjoyed there raising my family has been incredible. Not to mention the fact that its value has finally recovered from the fall.
The other thing is affordability. Right now, homes are as affordable as they have ever been with our historically low interest rates. A rate of 3.75% is a far cry from the 9% we saw earlier this year, or even the 6% average we had earlier in the decade. Rates can’t really get any lower from here, so we know they are going up. By locking in a rate now before they go up, you could end up saving tens of thousands of dollars on your mortgage in the long run.
If you are thinking about buying a home, now is a great time to do so. If you have any questions for me about the market or about your particular situation, give me a call or send me an email. I would love to hear from you.