YOU BUY OR WAIT?”
Timing is important in most decisions that we
make. This can be especially true when making big decisions such as the purchase
of real estate. The right time to buy is different for everyone. Here are some
factors to consider when evaluating the best time for you to act:
YOUR PERSONAL FINANCIAL SITUATION: Only you know your present and future
financial requirements and capabilities. Although you know about your current
and foreseeable earnings, you may not know the present value of your existing
home if you are a homeowner. You should not guess about the equity in your existing
home. Ask a Realtor® to help you ascertain your property’s present worth.
AVAILABILITY OF DESIRED PROPERTIES: Are there homes available
in the price range and area that you want? A scarcity of desirable homes may cause
you to pay a higher price than during a slower market. Some areas, however, always
have a scarcity because the location is in great demand and any purchase there
may be a good investment.
INTEREST RATES: Although lower interest rate times are more desirable
than during times with higher rates, interest rates should not prevent you from
buying if you find the right house for you. Remember, you can always refinance
the loan sometime in the future, but you can never renegotiate the purchase price
of the house itself.
OTHER PERSONAL CONSIDERATIONS: You may have other reasons to
buy or sell real estate other than those factors listed above. Of course, your
personal motives should prevail. Regardless of your motives, don’t go it
alone. Hire a Realtor to help you carry out your decision with the greatest chance