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If you’re like the thousands of people who have recently had to relocate due to the fluctuating job market, you’ve probably already noticed the high rate of rental property and have started to ask, “When is it time to buy a house?” What’s more, there are less and less available rental properties which drives market rental prices even higher.
Realtors® see the impact of rising demand for rental properties every day as this demand shapes the rental market driving prices even higher. While it's basic “supply and demand” the impact that this has on families can be challenging at best and at worst a real hardship. So, “When is it time to buy a house?”
The answer? Now.
When is it Time to Buy a House?
Buying a Property
Buyer Information
Seller Information
Seller Information
In the past year alone, the average rental price has gone up 10% and while the economy shows glimmers of hope, the prices will most likely continue to rise. Many people have come to me and asked, “When is it time to buy a house?” I simply reply, “Now.” For anyone who isn't certain what a “buyer’s market” looks like, let me tell you, this is what it looks like as we are in one now.
Interest rates are the lowest they’ve been in decades, which means that buying a house now is actually a sound investment; much more sound than it was ten, even twenty years ago! And with property values having come down 15-50% or more in some areas, that means houses are extremely affordable. Further, if you combine all of that with the way in which a buyer’s market works, this is one of the prime times to negotiate with sellers looking. When is it time to buy a house? Now!
Rising Rents
Historically Low Home Prices
Why Rising Rents and Historically Low Home Prices are Creating the Perfect Storm in the Rental Market
What’s more is, if you’re looking to buy as an investment, with rental prices sky high, the return on your investment is sure to be a lucrative one. As much as it is true that you can never time the market perfectly, looking for a long term buy right now is about as close as you can get. It only takes the knowledge and gumption to follow through on your foresight. So when you ask when is it time to buy a house, you now know the answer!
So what should you do when you figure out when is it time to buy a house? Good question. There are a few simple steps that you can take to ensure your success..
First, you should make sure your credit is in order through credit monitoring. There are many sites out there that offer free credit reports. However, most people don’t realize that you are entitled to one free credit report per year from the major credit companies. For more information on how to obtain this report, follow this link.
Next, you’ll need to contact a Realtor® who can help you navigate the often confusing waters of real estate. A good Realtor® will have his or her ear to the ground, helping you to get the best deal.
Looking for Investment Property?
When is it Time to Buy?
Buying a home today might be the best investment you have ever made. For the first time in a long time, your can work with a Realtor® to find properties with a mortgage payment that is less than what you are currently paying for rent! When is it time to Buy? The time is Now.
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