Right Time to Buy?

For those with the financial wherewithal and lifestyle need, today’s market provides a potentially great opportunity to buy a home. Homeownership can provide many financial, lifestyle and social benefits. In today’s market, buyers also benefit from plenty of homes to choose from, low mortgage rates, homeownership tax advantages and home prices that are still relatively low in many markets, yet showing signs of stability.

However, many potential buyers may be hesitant because of unemployment and economic concerns. “Confusing” is an adjective that fairly describes the housing market right now. With headlines warning against homeownership, and then others declaring it’s a great time to buy, it can be difficult to decide what and whom to believe. Here are a few points for you to consider when deciding if now is the right time to buy a home:

Consider personal finances and lifestyle: Carefully examine your financial and employment situation, lifestyle needs, wants and long term goals.

Find a trusted real estate professional: Real estate is local; what's happening in one town may be very different from what you hear is happening in the national news headlines. A local real estate agent can explain what’s occurring in the housing market in a specific town or city to help you make the right decision on where you live or where you want to live.
 
Consider the pros and cons of renting and buying: It’s okay to ask whether renting is a suitable alternative. For those with projected short-term stays in town (less than 2 to 3 years), unclear job or relationship status or someone who likes the idea of a transient lifestyle, the prospect of renting may be a wise consideration. For those who do not yet have the financial means, steady income or have other fiscal restraints, renting may be the best choice for now.
 
Home buying is a personal decision: After taking personal financial and lifestyle situations into consideration, the decision to buy a home should be based on what works best for you. There are people with strong credentials who will argue the case for either renting or buying, but no real estate professional, economist, professor, or anyone else with an opinion should try to determine what is ultimately, emotionally and overall best for you and your family. Working with a trusted agent, who has done good research and has the right tools, will allow you to make a well-educated decision.