Should I Wait to Buy?
With the housing market constantly fluctuating, it can be stressful to decide if it is the right time to buy. Thankfully, there are a few things that will never change.
A home is a long-term investment. The longer you are in a home, the more equity you’ll build, so beginning sooner is better. In addition to equity, homeownership also offers tax savings that can help offset the cost of a home, such as mortgage interest deduction. These tax benefits can benefit you year after year. Buying a home may be a good financial move, regardless of if rates are rising or falling.
Additionally, it’s impossible to predict where rates will be a year from now. If rates get worse, you’ll be glad you bought a home. If they getter better, you can always refinance. Often it's difficult to predict where it might move next.
Finally, pay attention to your personal finances. In the end, your financial situation is more important than the housing market. In order to buy, you’ll need good credit, enough saved for a down payment, and plans to stay a while. If these three things are in order, then you’re likely prepared to buy a home.
Buying a home can be extremely rewarding. No matter where the real estate market might be, your situation is the ultimate deciding factor. If you’re seeking the fulfilment of creating a space that’s completely yours, it may be the right time to buy!
If you’re thinking about purchasing a home, reach out to one of our loan officers. They’d love to walk you through the process and ensure that you feel comfortable every step of the way.
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