Have you considered buying a home in Lancaster, PA, but have been on the fence in regards to making the purchase? What is causing the uncertainty for you, especially if you are paying rent?
One common concern is, “What if prices continue to drop? I want to buy after the market has hit bottom,” you might say. It is impossible to predict when the market is at the bottom, but let’s consider a scenario. I purchased my first home in 1990 in Sellersville, PA for $122,000 - $3000 credit or for $119,000. In 1997, I was moving with my family to Lancaster, PA and wanted to sell the house, in order to buy another house. In 1990, we bought at the end of a two year price run-up. Long story short, we had to place the home on the rental market and sold it in 1999 for $119,000. This was followed by another 2 year run-up. I basically bought high and sold low, but I had 7 years in the property with my family and we paid off a portion of the mortgage during that time. I do know that I was still further ahead than if I had rented during those 7 years.
If you believe you can just fall asleep and wake up one day, somehow knowing it is the right time to buy, I think you are mistaken. Find a real estate agent you trust. Find a house you like and plan on living in that house for 5 years. Buy now. Interest rates are at historic lows, rental prices are up and the longer term outlook for real estate is good. I am convinced this is a decision you will not regret.
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