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Saturday, February 02, 2013

How do you know if it is the right time to buy a home?

How do you know if it is the right time to buy a home?  No one can answer that question for you.  Some things to consider when answering this question include:
  • Owning a home is a major responsibility.   Not only does it require a significant investment of financial resources it also requires a significant investment of time.  Time to maintain the property and the cost of maintenance.  Just as a car requires routine maintenance so does a house.
  • Stability.  Are you "in place" for the next 3-5 years or longer?  Many have experienced the sinking feeling of being upside down.  To hope for any type of break even or increase in value through the years may mean you wait years.
  • Interest rates.  The interest rates are stable right now. How much more will they add to a mortgage payment if they rise 1% or more?  Check with your lender.
  • Home prices.  Prices are rising. I know a Realtor® who just received a full price offer on a listing and the seller rejected it!  I had a buyer in a multiple offer situation just last week.
  • Family Composition.   Change in your family composition in the near future can definitely change your needs.  Anything  from marriage, children, or even parents moving in with you can cramp your lifestyle if you have inadequate space.  
  • Employment.  This goes hand in hand with the stability status mentioned above.  Stable employment with no expected job loss or pay decrease is an important consideration.
There is no checklist that fits all situations.  But with prices rising and the unknown long term direction of interest rates, this may be the time to make the move to home ownership.

If you are considering buying or selling a home in Brevard County, Florida, give me a call at 321-693-3850 or email me if I can help in any way.

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