Just when is a good time to buy a home? Do you feel you’ve achieved steady employment? Have you maintained a decent credit history? Do you really desire to own a home? Do you want more space to have to keep clean?
Can you do some home repairs? What happens if that roof starts to leak? You going to be able to go up their and fix that leak or it could really destroy your house. You won’t be able to call that land lord and have him come over to fix all the problems. Its going to be up to you to figure out what to do.
The point is, there are things to think about before buying a home other than whether you have enough down payment. Actually down payment isn’t really an issue nowadays. Speaking of down payment, many first time home buyers look at how much they need down and try to figure out whether they can afford (or qualify for) what the mortgage payment will be.
Some other things you will need to think about. You really are not going to want to buy a property if you are planning to more in the newt few years. If you are going to move in a few years it might be really hard to recoup the cost associated with the purchase. Like the sales commissions and closing cost.
When you sell your property, most people hope their home has increased in value. the increase in value hopefully would cover the cost associated with buying and selling a property. A lot of it will depend on the current condition of the housing market.
However, most buyers live in their new home an average of seven years or more. If that fits you, it almost always makes sense to buy rather than rent, in practically any market.
Don’t every try and predict what the market is going to do. This is just like gambling. usually the odds are all ways in the house favor. You can get into a lot of trouble trying to predict what the house is going to do in the future. that’s why you want to be in real estate for the long run.
Their is really know way to predict what the market is going to do in the future. Some people like to say that the market has always rebounded in just a few years. the problem is no one knows if we are at the bottom yet. Or when the rebound is going to be.