As Cincinnati area real estate agents we love helping area home buyers and sellers. And while you might see commercials telling you "Now is a great time to buy!", it's not always that simple. Fact is that decision is a very personal one and whether the answer should be Yes, No or It Depends needs to be tailored to your specific circumstances.
Part of our role as real estate agents is to provide you guidance to help you make the right decision. Part of that process is asking a series of questions:
- How long do you plan to stay in your home?
- Where do you want to live?
- And closely tied to that is "What's your budget?". And that's the REAL number you're comfortable with, not the maximum number the loan officer specified in your preapproval process.
- What needs do you have for your home? Do you anticipate those needs changing soon? (perhaps the number of residents may go up or down in the near future)
- Are you prepared for ALL of the expenses that come with owning a home? (This question is particularly pertinent to a first time home buyer)
- Can you make a down payment on a home, or do you need help with the cash?
That last question can be a deal breaker. Depending on the type of financing used, the amount of down payment can vary. If you've BARELY got enough cash flow to meet that number, how are you going to handle the routine things that happen with a home? Appliances stop working, water heaters leak, trees fall down. Unplanned expenses WILL happen and tapping your credit card can easily start a long slide that leads to big trouble. We want our buyers to have a comfortable margin between what they can afford and what they pay so they can enjoy their new home for years to come.
So sometimes the answer to "Is NOW a good time to buy a home?" is "Not today". But you know we'd love to help when the time is right.
Need advice on buying or selling a Cincinnati area home? That's what we're here for! Just give us a call at 513-520-5305 or email Liz@LizSpear.com. We look forward to hearing from you!
Serving Warren County Ohio's home sellers and buyers,
Liz and Bill aka BLiz