Should You Buy A Home Right Now?

If you are considering buying a home, you’re probably wondering if now is the right time. There are a lot of factors that must be considered before making such a big purchase. 

In this article, I will give you 3 important factors you need to think about before taking the plunge into buying a home.

First, you need to check the interest rates. 

Interest rates are one of the most important factors when buying a home. Interest rates are currently at historic lows, which means your monthly mortgage payments will be lower than they would be if you wait to buy a home. This is a significant advantage for buyers, and it's one of the main reasons that now might be the right time to buy a home. 

The second is you need to assess your job security.

Another essential factor to consider is job security. With a steady job and income, you'll be in a much better position to get approved for a mortgage and make your monthly mortgage payments on time. Getting pre-approval for a mortgage is the best first step you can take to know how much you can afford before searching for a new home.  

On the other hand, if you're worried about possibly losing your job in the near future or having your hours reduced, you might want to wait until things are more stable before buying a home. 

And finally, evaluate the housing market. 

The housing market's current state is also something to consider before buying a home. If prices in your area are low and inventory is high, that's a good sign that now might be a good time to buy. However, if prices are high and there aren't many homes on the market, you might be more likely to take your time on your home search. Of course, there are always circumstances that outweigh the current housing market, like military PCS orders or a job change relocation, so this factor will depend on your current situation. 

There's no simple answer to whether or not now is the right time to buy a home. It depends on your circumstances and what's happening in the housing market. However, if interest rates are ideal and you have a steady job, now might be a good time to start looking for your dream home. Also, utilize tools such as our NC mortgage calculator for estimated mortgage payments to see if the home fits your budget. 

As always, if we can help you move in, move out, move up, or move on, let us know. Anchor Real Estate is here to help!