If you’ve been reading the blog lately, you already know that the market is finally beginning to turn around. Can we get a hallelujah?! Sing it from the roof gardens! But hey, just because the market is on the upturn – how are you supposed to know if now is a good time to buy for you?
Here’s 3 questions to ask yourself before you take the plunge.
1. What’s the market like?
Yes, we’ve already told you that things are on the up and up when it comes to real estate, however if you are considering buying a house in 2014, it’s essential that you stay up-to-date with the market trends. Take into consideration how much homes are selling for in your area and what the mortgage rates and tax credits are currently. The best barometer for gauging what the market is like in your area is a good agent. Ahem.
2. What do my finances look like?
Be honest with yourself, can you afford to buy a home right now? What is your monthly income and do you expect it will remain steady for the foreseeable future? There’s a few other financial considerations; down payment, closing costs, moving costs, etc.
3. Am I ready for home ownership?
Let’s talk about commitment, folks. Buying a home is a huge investment – financially, and otherwise. Being a home owner is so much more than simply having a place to call your own…are you ready to fix the hot water heater or pay for someone else to do it? What about cleaning those gutters? And you’ll probably need a snow shovel…
Are you ready to set down roots for at least 5 years, possibly more? It’s also important to consider the community that you’ll become part of, can you see yourself integrating well into your new hometown?
For more advice and help deciding whether you should Rent or Buy, call one of our expert agents for a free consultation!
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