December 19, 2015
One of the first questions I always get asked as a real estate professional. “When is the right time to buy?” To answer that, at the risk of sounding like a used car salesman, my answer is always simple: “When you can!” The bottom line is that if you are looking for a home for yourself to live in, you have to be thinking long term. That means 7-10 years and more. There’s a reason the typical mortgage term is 30 years, because the purchase of a home is supposed to be a long-term decision! Unless you are a flipper, real estate investor, speculator, whatever you want to call yourself, you shouldn’t be overanalyzing the right time to buy a house, because before you know it, it’s too late, and the right time passed you right by. For the average homeowner, buy when you can, start making payments, and stop paying rent! Start building towards that equity. Don’t look at the small ups and downs that are typical in real estate, start looking at the long run. Because even those who bought in the worst of times, right before the infamous bubble burst, in around 2007, would be positive with equity if they had held on to their property until now. The moral of the story is, don’t stretch yourself beyond your means, save up a decent down payment, and then you will be ready to buy. That is the right time to buy! Not some date, year, or season based upon some “expert” or research group. The earlier you start, the sooner your equity will build. So when is the right time to buy? When you can!