Three questions you should ask yourself before purchasing a home.
“Should I buy now or wait for home prices to drop?” With mortgage rates fluctuating and a potential recession looming, I receive this question from buyers almost every day. It depends on your situation, so to help you decide, I’m sharing three questions to ask yourself:
1. How long do you plan on staying in the home? If you plan on staying put for a while, it won’t matter what happens to the market. Home values always increase over time.
2. Does it make financial sense? Talk to your financial advisor about whether renting or buying makes sense for you. It’s tempting to sign your lease again when rental prices drop, but that locks you in for another year.
“Over time, housing prices always rise.”
3. Are you trying to time the market? The truth is you can’t truly time the market. If you have the financial means to purchase a home, it’s a fantastic way to build wealth no matter what our current market is doing. Over time, housing prices always rise, so you’ll accrue equity and lock in a secure financial future.
In these uncertain times, it’s more important than ever to talk to your real estate and financial experts before deciding to buy a home. You can always call me at (650) 862-8603 or visit our website at erichandellenrealestate.com. I look forward to hearing from you!