Why waiting is not the smartest things to do Have you had a couple of
You’ve finally saved enough money for a decent down payment, your credit score is in tiptop shape and you’ve paid off a significant chunk of your debt. You’re finally ready to say goodbye to hefty monthly rent checks and purchase a home.
But once you begin researching and doing your due diligence, you start second-guessing whether you’re actually ready to take this big step in life. Should you wait until average mortgage rates decrease? Will home prices in your area go down if you wait a few more months?
“I’ll buy a home next year.”
This statement must have crossed your mind at some point if you have thought about buying a home, but you are not ready to get into the process now. We all tend to put things on hold for a while especially if those things look like a lot of work. Purchasing a home is one of those things. But would you still put a task aside until later if I told you that waiting until late can cost you thousands of dollars? Meaning, in 2019 real estate market, will you wait to purchase a home if you knew it would cost you between $10,000 to $50,000 or even more later to get a home you want today.
Real estate market trends have shown that homes rise by 5% every year and the house that you are eyeing at the moment, listed for $100,000 could be listed for $110,000 next year. This is a significant amount of money just because you waited till 2020 to purchase a home. This does not even include the ever-increasing APR rates for mortgages that can increase your monthly payments.
It is perfectly understandable how stressful and detailed the entire home buying process can be; but if you have a professional real estate agent with enough experience on your side, it can go a lot more smoothly. We can help you in this regard and link you up with a reputable lender to see what you qualify for and what real estate decisions you should be making. The time to act is always right now, and we want to ensure that you save money – your hard-earned money that should be kept, and this will only happen by avoiding this wait.
Below are the critical reasons why you should never wait to purchase your home;
- The Cost of Waiting to Buy is the extra money you may have to spend to buy a house should the price, and interest rates increase by the time you intend to purchase the home.
- Interests rates and home prices are expected to increase by up to 5% or more every year.
- Waiting for some time to buy a home could cost you thousands yearly through the duration of your mortgage because of the increase in the cost of homes.
- Why not save yourself from spending thousands later when you can purchase your home right now? Act today and save for the future!!
Whether or not you’re ready to purchase a home depends on many different factors, from the time of year to your financial situation. But what matters most is that you’re educated about the home buying process so that you can get the most out of your real estate purchase.