The latest real estate news can be so confusing to a home buyer or seller now. Buy today rates are low. Then the next day, the news headlines are rent until home values drop further. To make matters more confusing top rated news sights can have conflicting information published on the same day. What is a seller to do?
We all need a place to live. It is one of our basic needs….SHELTER. We all need shelter. This is not a want. With that being said, there is never a perfect time unless you are ready. Ready means many things to different people. Primarily you must have :
1. A stable job ie: INCOME is what your lender wants. Meet with your lender to establish price range.
2. A educated, knowledgeable Real Estate agent who will LISTEN and make sure your needs are met. Interview and make sure you find the right agent which is KEY.
3. Ready to move. Stability. You are excited, saved your down payment and want the luxury of owning your own home knowing that you payment will not change. Rents are going up 8% a year because the demand is high for places to rent (economics 101 supply and demand).
4. Confidence . With the news changing daily educated, confident buyers realize historically low rates combined with low home prices = VALUE. With investors are up to 40% of the home buyers this tells it all.
5. Long term. Housing is no longer a short term investment. I am now telling my clients plan on being in your home 5-7 years. While you are buying right in todays market you must be realistic that a home is a great place to be, income tax write off and you may break even when you sell or have a modest gain at best. However, you will be paying down a mortgage like your parents or grandparents did and one day you will no longer have that mortgage. If you were renting that payment like leasing a car will never go away.
Tune in for more updates.
3rd Generation Broker
Real Estate Agent