08/10/2022
When is the best time to buy? This question is asked often, but often not asked to the appropriate people...buyers themselves!
Prices have increased again from 2021 to 2022. Interest rates have increased from 2021 to 2022. Affordability is beginning to dwindle as is the competition. Houses are beginning to sit on the market a bit longer. But competition will always be there for houses that are move-in ready, in a great location, that are priced right and presented well.
Ideally, buyers want to buy during a buyer’s market (more houses than there are buyers). However, the market is out of our control and the only thing we can control are our own personal circumstances.
So, for buyers, what are your ultimate housing goals? What steps are you comfortable in taking in order to get there? What timeline is your ideal vs your most-likely?
Yes, location is huge in real estate as that is one of the key driving forces to price and appreciation.
BUT…
1 .Are you willing perform some elbow grease to take a not so good looking home in a great location to something beautiful, increasing its value along the way?
2. Are you willing to live in a home smaller than what you truly want to get your foot in the door in an area sought after?
3. Do you have the gumption to purchase a multi-family home, live in one portion of it and rent out the other(s) to assist in not just getting into a location, but an investing channel?
4. Essentially, are you willing to do what most other buyers are not?
If you are, you have a better opportunity to purchase a home in a seller’s market than those seeking the HGTV perfect move-in ready house.
As for what is affordable? I would help you determine that by reviewing what lenders pre-approve you for, taxes in different locations vs asking prices, income, commutes, along with multiple other factors to ensure you are comfortable financially in making a move. You are in control of your real estate future!
I am here to help you move forward!