Is the Timing Right to Buy St Louis Real Estate?

There are many wonderful reasons to want a home of your own. Right now is an excellent time to pick up a great deal on a St. Louis home or condo. It's definitely a buyer's market where you can purchase homes at historically low prices. However, in many of the communities, inventory of homes has sold, and many of the homes on the market consist of newer listings.To be sure the time is right for you, answer a few simple questions for yourself:

Are you ready to stay put for more than three years?

If you move around a lot, have a job that sends you to different locales all the time, or just haven't found the area you want to settle down in, it can be a bad time to buy St. Louis real estate no matter how great the price. Selling a home and moving is much harder than just switching apartments or other rental units. However, if you are ready to settle in a spot for a number of years, the value you get from owning your own home is well worth it, especially now. Traditionally, in the St. Louis housing market there is a 3 yr. period that marks a "break-even" status.

Can you afford it?

There's more to owning a home than just the cost of the mortgage. Other costs added to a typical mortgage include homeowner's insurance and property taxes.   These can  add hundreds of dollars a month to the simple mortgage costs. On top of those are routine repairs and upkeep that will be your responsibility instead of a landlord's.

Do you value the pride of ownership?

For many people, the pride of owning their own home is a primary factor in purchasing St. Louis real estate. There is a feeling of success and security when you own your home that won't be fulfilled with any rental.

If you'd like help determining if now is the right time for you to buy a home, give me a call at 314-630-4227 or email me at rfisher@sellshomesfast.com

LINKS:

Buyer's market:  http://economics.about.com/cs/economicsglossary/g/buyers_market.htm

Value you get from owning your own home:  http://www.associatedcontent.com/article/130293/ten_reasons_to_own_a_home.html?cat=7

own your home: http://home-mortgages.suite101.com/article.cfm/how_to_own_your_home_free_and_clear_faster