If you want to know whether now is the right time to buy your first home in our market, you must ask yourself three important questions.
To know whether or not now is a good time for you to buy your first home, you need to ask yourself three questions:
1. Are you financially prepared? To buy a home, you need money for a down payment and you need to be able to afford your monthly mortgage payment. If you have any doubts about this, you should talk to a lender. If you’re still confident about buying a home after you’ve gotten their feedback, you should move on to the next question.
2. Are you going to live in the home for at least three years? Based on my numbers in the San Antonio market, if you live in a home for longer than three years, it will make more financial sense to sell it so you can do so at a profit.
3. Are you emotionally ready to buy a home? There are a lot of wonderful things that come with buying a home, but homeownership isn’t without its downsides. If your water heater goes out or your A/C unit fails, it’s up to you to fix those problems.
If you answered “yes” to all three of these questions, then now is the perfect time to buy a home in our market since interest rates are still low.
If you have any more questions about whether now’s the time to buy for you or want to get started on your path to homeownership, don’t hesitate to reach out to me. I’d love to help you.