These 5 factors will help determine whether you should buy a home.
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Is It a Good Time to Buy a Home Right Now in Idaho?
As real estate agents, we often say that “every day is a good day to buy.” However, here at West Real Estate Group, we try to address the question of “Is now a good time to buy?” by first asking you some questions about what is going on in your personal world. Sometimes, while it might be good for many people to buy a home, it might not be the right time for you.
To help you decide if this might be a good time for you to buy a new home, let’s first discuss why it might not be the right time for you.
Here are five reasons why it might not be the right time to buy a house:
1. If you do not have job security. This is a real factor for many people right now and might give you cause to hold off on a purchase until you have more stability.
2. If you have little to no down payment. While there are options for 100% financing or low down payments, we advise our clients to have both a down payment and emergency fund so their dream home purchase doesn’t turn into a nightmare.
3. If you tend to move every year. If you don’t like to live in the same place for very long, buying might not make the most sense for you.
4. If you are in an unstable relationship. Relationships can be messy and unfortunately, sometimes they end. We’ve been able to help a lot of divorced and separated homeowners but it is always a much more complicated process. If this might be the case for you, we recommend that you make sure you can afford the monthly payments on your own just in case.
5. If you are in a declining market. Luckily for us here in the Treasure Valley, we have seen some of the highest home appreciation rates in the nation, and with the strong demand we have from people relocating to our area, this trend seems to be something we will continue to see for quite some time.
Now let’s talk about the five reasons why it might be a great idea for you to buy a new home now:
1. You have job security.
2. You have a down payment saved up and some reserves in place.
3. You like the area you live in and do not plan to move out of state anytime soon.
4. You are in a stable relationship and/or can afford the monthly home payments on your own.
5. You want to take advantage of the incredibly low-interest rates.
These are just a few of the reasons that buying a home might be a great idea for you at this time, however, the answer to this question really comes down to what is going on in your personal life. We recommend that you discuss your goals and situation with a professional and experienced Realtor. One who has the heart of a teacher and not a salesman. Someone who will ask you the right questions and have the integrity to tell you the truth.
If you’d like us to take a look at your situation and help determine whether buying a home right now makes sense for you, don’t hesitate to reach out to us.
We’d love to hear from you!