Home buying motivation: You want to buy when the time is right for you!when you want to buy a house, it is important to ask yourself the WHY? Your decision to buy a home shouldn’t rely solely
Should You Buy a House In This High Inflation Period?
Dated: October 27 2022
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Home buying motivation: You want to buy when the time is right for you!
when you want to buy a house, it is important to ask yourself the WHY? Your decision to buy a home shouldn’t rely solely on economic conditions such as inflation. Maybe your family is growing, and you need a bigger home. You might have landed a job in a new city. Or maybe your older children have moved out, leaving you with a home that’s too big. These life changes are more important factors when determining the right time to buy a home.
Pros
- If inflation does continue to rise, buying a home today could mean you’ll spend less than you would have had you waited to buy.
- Instant increase in equity due to inflation causing the price to increase, which you can be benefited in several ways. You can borrow against this equity in the form of home equity loans or lines of credit.
- If the benefit of buying a house right now outweighs the increase mortgage rate, for reasons such as providing for a growing family, job relocations, downsizing, etc.
- when monthly mortgage rate is like the rent you're already paying. For situations like this, high mortgage rates should not be a factor that stops anyone to start building home equity when the monthly expenses are equally the same.
Cons
- There’s no way to predict exactly what will happen with inflation. If you buy now, inflation could ease in the coming months, meaning that interest rates and home prices might fall, causing negative equity.
- If other buyers are attempting to buy before prices rise further, you might face competition for the homes you like. You could end up in a bidding war with other buyers. To win your dream home, then, you might have to pay more.
At the end of the day, you must make a self-evaluation in order to know if it's the right time to buy a house for YOU. Consider everything from motivation, family needs, finances, cost of buying a house and not buying a house. Create an in-depth planning according to your own unique situation, consulting with professionals would be a good idea.
If you need help in planning and evaluating your home buying or selling plan, please contact me today with my information below. I'd be glad to help you to achieve your goals.
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