Is now the right time to graduate from renting to owning?

There are two broad groups of renters.  There are those who are trying to figure out how they're going to come up with the next month's rent payment, and there are those who are trying to figure out why they are still making a rent payment.  The first group have problems that real estate professionals may not be able to address.  This post is for the benefit of the second group.  

You are making a monthly payment that will be consumed just in time for the next monthly payment.  You probably recognize the potential uptick in your lifestyle if you were to own your own home, but it's a really big commitment.  Times are uncertain, the economy is a little weird, etc.  You're doing OK paying your landlord's mortgage for him, and you're almost resigned to your environment in the land of the bland.  There is no ability to inject your personality and your preferences into your home, because it's not really your home.  But, you're doing OK.  

In the midst of all the uncertainties, we can observe a few clues.  When you make an offer on a nicely priced property, there is a good chance there will be some competition from other buyers, and many of those buyers will be investors.  Investors have only one reason for buying, to make money on their investments. All you need is to not spend too much in exchange for a huge lifestyle upgrade.

Observing a large number of eager investors should at least make us wonder if now may be a good time to buy from an economic standpoint.  Are all those investors wrong?  Perhaps they are wrong, but their approach is professional, the result of studying the market and analysis of income projections.  That means they expect asset value growth, and they expect that they will charge higher rents in the future.

The realities of life are that any big new commitment is a challenge, and all growth involves a learning curve, or at least a doing curve.  There are uncertainties in the economy and the world in general.  There are always uncertainties, and now is not a whole lot different than any other time, past or future.  The wait for clarity in the world will only be satisfied when the world ends, either for everyone or just for you.

If you're new to the idea of owning your own home, you should have more questions than answers, and you should have at least a couple months to do some research.  Start by calling or emailing me to arrange a convenient time to take the first step.  My new home buyer orientation and strategy session takes about ninety minutes and comes at no cost or obligation on your part.  Call me now.