top of page
Search
  • brad06154

Should I buy a house now?

 

Many people have been waiting for interest rates to come down so they can buy a house. 

You might want to check with your local real estate agent, but I believe that with the pent up demand, prices will go up as interest rates come down.  So if you are ready to buy a house, you might wish to consider buying now before prices take off.  You can always refinance in the future, but you will be stuck with a higher purchase price.

So are you ready?  Or do you just want a house? 

 

Some questions you should ask yourself:

1. Are you confident you will be living in the area for 5 years or more?  If not, might be better to wait.

2. Do you have any life changing events likely to occur in the next couple of years?  A marriage, a career change?  If you are not reasonably confident your lifestyle is here to stay awhile, a home purchase may be premature.

3. Are you financially ready? 

  • 3-6 months of living expenses set aside in an Emergency Fund

  • Debt free?

  • 20% downpayment saved?

  • Do you have a budget in place that allows for the mortgage payments, utilities and occasional maintenance/improvement projects?

Purchasing a home can be a huge blessing when you are ready for it.  However, owning a home before you are really ready for it can turn into a nightmare. 

2 views

Recent Posts

See All

Comments


bottom of page