If you are waiting for the perfect time to buy a new home based on market predictions, you are probably going to miss out. Make sure buying a home is the right step for you at this time. Don’t make the decision based on market conditions alone.
If owning a home is cheaper than renting, then it might be time to buy a house. Make sure a home purchase fits in with your lifestyle, financial goals, and budget. Writing a rent cheque once a month and having someone else handle property maintenance is easy. Are you ready to take on the added responsibilities of homeownership?
If you have cold feet over becoming a homeowner or upgrading your home, sit down and re-examine your situation. What are the reasons for thinking you should take this giant step? Look at what it will mean for your lifestyle and budget. Talk it over with your financial advisor, your real estate agent and your mortgage broker. Remember that there are millions of buyers each year, and most of them feel this fear. A majority of them are now enjoying their new home.
Many people have the impression that the best time to buy real estate is in the spring. The possible reason for this, aside from the nicer weather, is that homes tend to show better in spring and summer. Therefore, there is more inventory on the market. Buyers may also be ready to purchase as they could be using a tax refund for their down payment. Buyers with children prefer to move during the summer months so their children’s schooling is not interrupted.
If you can’t decide what kind of home you want to purchase, you might not be ready to commit to home ownership or to upgrading your home just yet. If you’re simply worried that something better will come along after you’ve made your offer, remember that there’s more than one home that is perfect for you. Take the time you need to make a good decision, but don’t be afraid to commit to a new home purchase if the timing is right for you.