Should I Buy a Home Now?
I'm often asked if this is a good time to buy a home. Some clients are worried about housing prices continuing to fall. Of course, the problem with waiting for the market to drop further is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!
Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still at near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!
While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.
What's my verdict?
If you're financial and emotionally ready to commit to a home, now is great time to buy.
- Demystify the buying process
- Sign up for Listings Alerts to get the newest listings in the Williamsburg real estate market in your inbox!
- Find a loan with my Loan Analysis Tool.
- Read my fast and easy guide to types of loans.
- Call me--Deelyn-- at 757.503.1999 or email firstname.lastname@example.org for a free buyer's consultation.
- Not convinced? Check out my client testimonials!