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. You 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
Forget about finances for a minute. We’ll get back to that. 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 buying, 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 14 financial calculators available for you to run confidential scenarios all day long on our website. 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.
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With more than 22 years of experience selling homes in the San Diego area, Sara and Daryl offer the optimum in efficiency and personalized service. While Sara spends her time selling the listings and ensuring smooth closings, Daryl is free to devote all of his time to finding the perfect home for his buyers. "Our vision is to leverage our energy, experience, and expertise to make our clients wealthy, secure and financially independent through real estate ownership."
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