It’s impossible to know and even more to predict when prices of real estate will collapse. And as we can see, despite a crazy and hard year we have the housing market is still going strong.
So the straightforward answer to the question of whether or not you should wait to buy a house in a down market is simple: buy when you are financially stable and ready.
To assist you in figuring out if you are already financially prepared to purchase a home here are some things to consider:
- Have you revisited your numbers and done the math? This is where your real estate agent and lender can be of big help as they can provide the necessary assistance for you to sort out your numbers.
- Will you still have a steady flow of cash in your spending plan after you’ve accounted for your mortgage, property taxes, home insurance, repair and maintenance of your home?
- Subsequent to making your down payment, will you still have enough emergency funds for at least six months in case of job loss or other event that might cut your source of income?
If your answers to these questions are a big YES, then congratulations! You are definitely now ready to be a homeowner.
In case you answered no to one or all of the questions above, don’t fret, give me a call and let’s work together to get you on the right course to becoming a homeowner.