Is it a Good Time to Buy?

When selling homes we get asked, “Is it a good time to buy?” frequently. It is a very common and good question that has many answers including, YES, NO, MAYBE, PERHAPS and IT DEPENDS.

So let us explain our opinion.

It all depends on “how long you plan to own the home.” If you are planning on keeping the home for a long time then it’s pretty much always a good idea to buy a home. History shows that even with downturns home prices always come back and increase over time. Add in the fact that with time you will be paying down your mortgage your overall return will generally be amazing over the long term.

If you plan on only keeping the home for a year or two then it’s just not a great idea. The costs associated with selling the home will eat up any gains made unless you are lucky enough to have bought right before a huge surge such as the one in 21-22.

On the other hand, if you plan to rent it out when you need to move the same guidelines from #1 apply. This is because the time and mortgage calculations will work in your favor.

Keep in mind that while there are many benefits to being a landlord, there are also some pitfalls to be aware of. Subscribe to my blog so that you don’t miss out on my blog that goes deeper into the pros and cons of renting out your home.

If you are moving to an area where rents are really high, there are limited rentals available, or you have pets/toys/kids that need space then buying will most likely be a good option for you. The benefit is that this investment can help to create wealth if you eventually rent it or hold on to it long enough.

So the “it depends” answer is pretty much a combination of the above scenarios. Spend some time with people you trust…Mom Dad…financial advisor etc to make your decision an educated one.

If you have questions, connect with us and we would happily discuss options for your unique situation with you to help you determine if now is a good time to buy for you.