As someone who has been a licensed real estate seller in New York State for over a decade, as well as having had a considerable degree of financial sales and consulting experience, as a financial planner, and Registered Representative, Supervisor, Manager, and Executive , I have often been asked if there is a perfect time to buy. Whether this is related to buying stocks, bonds or other investments, or buying a house, the attempt to trade time has rarely worked consistently. While a disciplined approach works best with other investments, in most cases, when buying a home, the best approach is probably to proceed in a well-considered, introspective, objective manner, and to honestly know and understand your personal needs. . , goals, priorities, comfort zone and personal finances. With that in mind, this article will attempt to briefly review, consider, and discuss how, while there is no perfect time, it is prudent to consider when is best for you.
one. Personal needs, goals, priorities: Why do you want to buy a house? What attracts you to a particular house? How many bedrooms do you need, how many would you prefer and why? What about the bathrooms? What do you look for in your kitchen, and why, and what do you really need? Are you able to look beyond the staging etc. to determine the difference between quality and perceptions?
2. Comfort zone: Sit back and take a look, objectively and introspectively, so you know why you want a home, what you can afford, and what monthly payment amount might fit your personal comfort zone. You don’t want to end up rich at home and unable to continue, with less stress, etc.! A smart homebuyer finds a home that exceeds his needs, meets some of his wants/dreams, and does it, without undue stress, strain, and/or hassle!
3. Personal Finance: Do you know what you can afford? Many factors must be considered, including down payment, reserve for items such as contingencies, repairs, renovations, utilities, etc. Just because you have a down payment and qualify for a mortgage doesn’t necessarily mean you’ll be well taken care of for the financial needs of homeownership. Know yourself!
Four. When it matters!: Certain factors are extremely important. What are the current mortgage interest rates and how big will you need a mortgage? Understand, small changes to these fees matter! What about supply and demand? Do not buy something you are not satisfied with, either for Keep up with the joneses, or to take advantage of the current market, because if you do, you might be disappointed in the long run!
Be a smart homebuyer. It is not about trying to buy at the perfect time, but about finding what you need, not overpaying, discovering something you like and being able to afford it.
