Does timing really make a difference? You bet it does!
I get asked the same question all the time: Should I buy now or should I wait for(job change, market change, any one of a thousand reasons)? Well the simple answer is, and not because I’m a realtor!, but waiting to buy is more expensive not only from an income standpoint but also from a ownership standpoint.
Let me give you some basic numbers that you can see in the graphic below. The first thing you notice is that interest rates because of a strong economy are beginning to rise and therefore your basic payment is going to increase. Rates are still and will in the forseeable future remain incredible, but every penny counts! That’s not to say that that is the only reason, but if you also take a look at overall increases in home prices which are expected to go up by as much as 3 to 5% next year, that adds to your monthly outgo as well. Let’s also not forget that rental costs go up fairly regularly and yet you are not seeing a return for that in the form of equity.
Overall, homeownership isn’t for everyone, but if you have a true desire to be a homeowner exploring your options is your greatest benefit. Call us today to have a frank discussion on the benefits of home ownership and whether it is right for you at this time.