A lot of potential first-time home buyers right now are asking the same question – is now the right time to buy my first home?
The answer to that is simple – if you are ready to buy a home, or you’re a first-time home buyer who needs housing, it’s always a good time to buy a home. In the current environment, one of the most important factors in getting your home price locked in since in most markets it doesn’t appear that prices will decrease substantially any time soon.
Another key is to not focus on the interest rates at the moment, focus on the monthly payment, and don’t be afraid of the opportunity to refinance in the future. With the market where it is currently, there is an excellent opportunity to negotiate a better price because of the rising interest rate. Additionally, you can negotiate closing credits as the market is turning from a seller’s market, into a buyer’s market. Because of increasing inventory, you will have more opportunities as a first-time buyer to find and purchase a property that fits your needs.
From a fundamental standpoint, everyone needs a place to live. So the real bottom-line question is should you try and wait out the market, or dive in and purchase a house that fits your needs, begin collecting the tax advantages, and have a place to call your own. So when contemplating how long you should wait, if at all, it all comes down to your particular circumstances and requirements.
So if you’re not currently a homeowner and want to be a homeowner, there is no better time than right now to begin the process and find a home to call your own. If you would like to discuss your options, would like a referral to a real estate agent, or simply have questions, schedule a free 15-minute mortgage consultation with me using the link provided below.