Top 4 Reasons People are Buying Homes Now
If you’d like to be a homeowner but you’re not sure the time is right to do it, I can’t blame you. We can’t get through a day without hearing about turmoil in the housing market or how troubled the economy is. Would you like to analyze your options and see for yourself if this might be the right time for you to buy a home? If so, then read on…
Buying a Home is About More than Money
Why did you begin to think about buying a home in the first place?
The Fannie Mae National Housing Survey shows that four of the biggest reasons people buy a home have nothing at all to do with money.
- They want a place to raise and educate their children
- They want a place where their family will feel safe
- They want plenty of living space
- They want to have control over that space
What if Prices are Still Falling?
To most people, the price they pay for a home is less important than the cost of owning it. In other words, how much will your monthly payment be? Waiting for prices to come down while interest rates go up will cost you more overall during the life of the mortgage.
Use our live calculator to find the actual cost of waiting.
Why Not Rent?
OK, why not? Besides the obvious reasons of tax benefits and not being able to make changes to the home, how do you know the landlord is making the house payments–or will continue to make them? You may have a lease, but if the lender takes the property back through foreclosure, they aren’t obligated to let you stay there. You may be ready to settle in and wait the market out for a few years, and find yourself moving long before you choose to.
Run a Rent vs Own Calculation and see what your numbers are.
How to Know if Buying Now is Right for You
Think about the reasons you first wanted to buy a home. Do you still want those things? Few people buy a home with the idea of turning around and selling it in the immediate future. If you like the idea of being in control over your surroundings, the only way to know if buying is right for you is to know your numbers.
- Are you secure in your job situation?
- Do you have some emergency funds set aside?
If those answers are both yes, find out what your payments would be, compare renting vs owning, even compare a home purchase to other forms of investment,such as CDs or stocks.
See Whether you Could (or Should) be a Homeowner Now
What if buying a home would improve your financial position and quality of life? We have 28 financial calculators available for you to run confidential scenarios all day long. Once you’ve decided to take the next step, talk to a good lender and Realtor. We’re here if you need us and we have access to reputable and competitive lenders to help you.