I recommendign asking these 5 Questions to all your clients
I am sure that if you have thought about buying a home and asked real estate agents, co-workers, friends and family the question if now is the time to buy, you have heard this response,
"there will never be a better time to buy".
This may or may not be true. In greater Phoenix, Scottsdale, Fountain Hills, Peoria and many other of the surrounding cities of Phoenix, home prices are down more than 20%. In some place more than 30%.
Real Estate Buyers are asking themselves if now is the time to buy. No one has a crystal ball or clear picture of the future. However, one answer to the question of whether or not now is the time to buy a home is "it depends"!
I am not skirting the question. In fact, "it depends" is the only certain answer. What may make sense for you friends, may not be the right reasons for you and your family to buy a home.
In theory, every time there is a buyer , there is a seller. Thus, 2 people simultaneously having the exact opposite outlook. The reason is not opposite long-term outlook on Real Estate; but simply, different wants, needs, desires and financial conditions at that point in time.
Bottom line; each person's individual situation situation is unique.
Ask yourself these 5 questions, ...
so you can decide if now is "Not" the right time to buy real estate.
- Will you be in your current job for at least 3-5 years? - If there is any chance of relocation or job change in the near future, I would not recommend you buy with this potential financial instability.
- Do you see any major family changes, children, divorce or separation in the foreseeable future? children are a large expense and selling a home through a divorce or separation is not an ideal scenario for best results.
- Will a new mortgage test your financial limits? - there is no reason to work so hard to barely pay a mortgage on a home you cannot enjoy.
- Do you have at least 6 months of emergency savings in case of unforeseen financial hardships? Make sure that you have savings should an unforeseen event cause short-term problems in paying your mortgage. Losing your home can be emotionally and financially devastating to families.
- Do you have 10% (20% is better) down payment? - If you cannot get a fixed mortgage payment at a favorable rate, it is likely that you cannot quite be certain enough you will be able to afford your home for more than 3 -5 years.
There are other consideration and questions to ask if you should buy a home. However, it is an important decision. Be prudent and consult with many real estate experts who truly understand your personal and financial snapshot.'
If you are not 100% sure, it probably means you should wait; Remember, there is no last opportunity to buy.
For a list of more important questions you may want to ask prior to buying a home, please contact me directly 480.221.8080
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Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs