This week's "Ask the real estate agent" comes from Instagram.
Is It a Good Time for A First Time Buyer to Purchase a Home
First of all, you won't hear me saying "It's always a good time to buy" because I don't think that's true for everyone. Can someone who wants to buy make a purchase in any market and have it be the right decision for them? Absolutely.
What are some things to keep in mind as a first-time buyer to know if it's the right time?
1. Your life circumstances have changed. Maybe you've recently gotten married, your family is growing, or perhaps it's just time and you want to take the step.
2. You are going to live in this home you purchase for at least 5 years. Real estate is a long-term play! I can't make any guarantees about what the future holds, but generally speaking, the longer you live in a home the better.
3. You're financially ready. That means you have ample funds set aside for your down payment (remember, it doesn't have to be 20%!) and your closing costs. I would even argue that you need to make sure you have some cash set aside for emergencies or home maintenance that comes up.
There's a statement I appreciate that goes something like "You buy a property in the market you're in." in any market, a good agent and lender are going to find creative ways to help you make the most of your purchase.
If you're kicking yourself that you weren't ready to buy when "Things were better," know that there are positives and negatives to buying in any market. This year, a negative is the interest rate and the high cost of properties. For positives, we can actually negotiate with sellers for repairs and even some closing costs. A couple years ago? You had to write offers way over ask in an extremely competitive market and waive things like inspections and pay to cover appraisal gaps. But the interest rates were lower.
If you're curious if it might make sense for you and your individual situation, I am happy to help you make sense of things. The answer may be “no” by the time we sort it out, and that's ok. The good news is that we can set up a plan of action that can help you get there, when it is the right time.