Is there a perfect time to buy a home?
As someone who has been a licensed real estate salesperson in New York State for over a decade, as well as having a considerable degree of financial advisory and sales experience, as a Financial Planner, and Registered Representative , supervisor, manager and executive, I have often been asked when / if there is a perfect time to buy. Whether this is related to buying stocks, bonds, or other investments, or buying a home, the market-time attempt has rarely worked consistently. While a disciplined approach works best with other investments, in most cases when buying a home, the best approach is probably to proceed in a well-considered, introspective, and objective manner, and to honestly know and understand your needs. personal. , goals, priorities, comfort zone and personal finances. With that in mind, this article will attempt to briefly review, consider, and discuss how, while there is no perfect time, it is wise to consider when is best for you.
1. Personal needs, goals, priorities: Why do you want to buy a house? What about a particular house that appeals to you? How many bedrooms do you need, how many would you prefer, and why? How about the bathrooms? What are you looking for in your kitchen, and why, and what do you really need? Are you able to look beyond staging, etc., to determine the difference between quality and perceptions?
2. Comfort zone: Sit back and observe, objectively and introspectively, so you know why you want a home, what you can afford, and what monthly payment amount might fit into your personal comfort zone. You don’t want to end up rich at home and unable to get on with less stress, etc.! A smart home buyer finds a home that exceeds their needs, fulfills some of their wishes / dreams, and gets it done, without excess stress, tension, and / or hassle!
3. Personal finance: Do you know what you can afford? Many factors must be considered, including the down payment, the reserve for items like contingencies, repairs, renovations, utilities, etc. Just because you have a down payment and are eligible for a mortgage does not necessarily mean that you will be well served by the financial needs of homeownership. Know yourself!
Four. When it matters !: Certain factors are extremely important. What are the current mortgage interest rates and how much mortgage will you need? Please understand that small changes to these fees are important. What about supply and demand? Do not buy something that you are not satisfied with, not even for Keep up with the joneses, or to take advantage of the current market, because if you do, you could be disappointed in the long run!
Be a smart home buyer. It’s not about trying to buy at the perfect time, but about finding what you need, not overpaying – about paying, discovering something you’re happy with, and being able to afford it!