Is this the right time for you to buy? Maybe not?
Thanks to Kathy Judy of Ontario, Oregon, for reminding us that just because prices and interest rates are low, and there's a huge inventory, it still might not be the right time to buy for some people. Make sure one is not jumping into the home-buying spree without a parachute.
I've only been a Realtor since May 2005, but I've consulted with several prospective Buyers about whether or not this is the right time to buy. Don't get me wrong, I always love Buyers, but I'm more interested in making sure that they don't fall into a personal chasm that they can't get out of. Buying a home is not for the faint of heart because along with analyzing where one currently is with one's finances, there are always expenses such as home maintenance and insurance that will need to be paid. In this economy, one has to be as sure as possible about one's financial stability and where one expects to be in one's five-year plan.
Here's a checklist that I like people to think about.
1. Are you in a job that you plan to be in for around 5 years.
2. Is your personal situation pretty stable?
3. Do you think there's a possibility that your job will be cut?
4. Do you want to be tied down or is that fact that you can pick up and leave important to you.
5. Can you settle for less in some areas than you want (for example no family room in order to have a garage).
If the answer to all these questions is Ok then seriously think about buying a house. You have to pay to live somewhere and it's good to own it. A trivial but important thing is the right to paint your living room watermelon pink if that makes you happy. Home ownership is the basis of long term financial stability. One final thing - don't stretch yourself too far leave enough room for getting sick, or getting a few hours cut, or any of life's little surprises. Those granite countertops aren't as pretty when you're fixing ramen on them every night.
If you're ready give me a call and we'll find you a house.
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