December 21, 2017
Is 2018 a good time for you to buy a house?
In general the answer is always a resounding YES simply because owning real estate offers benefits and advantages not found in rental situations.
However, making that choice for yourself, while current market conditions may influence your thought process about buying, ultimately comes down to personal readiness, need and desire.
Being informed about what is going on in the real estate market is vitally important, not only to get a feel for what to expect during your home search, which may include dealing with:
- Low inventory levels mixed with plentiful buyers leading to tough competition
- Multiple offers on homes meaning you may not get the first house you put an offer in on
- Outbreaks of bidding wars which may lead to needing to pay more than you originally intended
but navigating the marketplace will be less stressful and more productive with a local marketing specialist to help guide you through the process.
Know what to expect during your search, but also should investigate what to expect after your sale closes.
Beyond the question every buyer asks when starting out; “how much home can I afford?” a most important question that seldom if ever gets asked is “how will this impact my financial future?”
Consider this fact – buyers who thought about purchasing in 2016 but waited until 2017 ended up paying more. Why? Because the recent data shows that on average a house is $12,500 more valuable today than it was just one year ago.
As a 2018 prospective buyer you can be encouraged since rising prices may mean your future home’s value will continue to increase once you’ve become the owner.
In other words, buying now may mean you are not only getting a better deal than you would if you wait just one year– but you’ll also start building equity almost immediately. That makes your long term financial picture a rosier one than if you continue to pay rent.