This is a phrase that you will hear a lot from people who are thinking about buying a home. “It just isn’t the right time.” If you’ve heard yourself say this excuse lately, then you might want to check your calendar because it is the right time, and you are missing out.
The bottom line is that property values are slowly rising and interest rates are rising at a slightly faster pace. This means that the longer you wait, the more you are going to pay for the same house. There are all sorts of reasons to tell yourself you aren’t ready—the biggest often being the down payment. However, first time home buyer programs and low-income mortgage approval programs make it possible to apply from home loans with very little down, so long as you have a good credit score and enough to pay the closing costs.
So, start saving now. Even just putting away a few thousand dollars might be enough to purchase a comfortable home. And once you actually buy the home, the monthly mortgage payment is likely going to be a good bit less than what you could rent the same property for. Now is the time to buy, and the time to stop fooling yourself with excuses to the contrary. For more information, contact one of our real estate experts today.