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Tuesday, June 20, 2017

When is the best time to buy a house?

The decision to purchase a home is not a simple yes or no.  The factors influencing the decision are not the same for each person.  

Of course the primary decision is one of commitment.   This particular factor takes many forms.  Probably most importantly having a house with a mortgage (most buyers) requires a long term financial obligation.  

The financial obligation extends beyond the simple mortgage.  It encompasses paying taxes, association fees, insurance, upkeep and maintenance and more!

Also a critical consideration is stability.  Stability in this context means staying in the area of your home, putting down "roots."  The acquisition costs, as well as the disposition costs, mean keeping a house for at least five to seven years is a necessity. 

Stability includes other factors such as education and career progression.  If one is an entry level position and upward mobility requires relocation  then the time period needs to be a consideration. 

There are other considerations which may limited by buying a house at this point in life.  A couple of key considerations are things like current budget/income and family make up.  Depending on area budget constraints may require the purchase of a smaller than desired house or an older property or one is a less desirable area.   And while no area is "bad," the realty of value, price and selling a house has one major impacting factor - location.  Is it worth the investment now in a smaller, less desirable property.  Over time houses do increase in market value. 

Here is a trend line for Brevard County, Florida house values that shows long term growth of 4% compared to median sales prices for the past seventeen years (note the market bubble).

The market/sales price and values are uncertain as there are tremendous influences on values such as schools, employment factors, interest rates, environmental considerations (roads, traffic), opinions, crime rate and much more.  No one has a crystal ball!

The title to this post asked a simple question.  The answer is simple as well....

The decision to buy a house now is a personal decision.  The attitude toward home ownership may be influenced by watching the struggles of parents losing a home which was common place during the recent bubble and crash!  can be a greater influence than anything produced by some marketer.

Disposable income is offered so many options.  It could be the amenities offered in a rental community provide more benefit now than a house or neighborhood for the same money.

For some it could be the freedom to travel and create life experiences are a more desirable option  than the experience of mowing the lawn on a Saturday morning!

If you are ready to buy a home in Viera, Florida, call or text me at 321-693-3850.

If you are ready to sell your Rockledge home and become one of the mobile RV crowd (or downsize) I can help as well!

agent@moving2brevard.com

 

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